Hilco Real Estate Finance (HREF) has completed a £12m loan to refinance a Heathrow hotel in just over three weeks.
The 18-month deal allows the borrower to stabilise the 178-bedroom property as it moves from a long-term Government contract to an international hotel brand.
The hotel is receiving investment and a new operating agreement, which is part of plans to improve its offer to customers in the competitive hotel market.
Cushman & Wakefield provided valuations and Trowers & Hamlin handled legal due diligence in London.
Sean Adams (pictured), managing director at HREF, said: “We are delighted to have completed another hotel loan, this time in the highly attractive Heathrow market.
“This is the fourth hotel loan completion for HREF over the last 12 months and we see this as a sector where we can add real value, particularly to assets being transitioned between owners and between different brands.
“The sponsor in this case has a strong track record, and the asset is well positioned to take advantage of the growing market at the UK’s largest airport.”
