Hilco Real Estate Finance (HREF) has completed a £2.5m loan to support the purchase of a 51-bedroom budget hotel in Coventry.
The deal marks the third loan from HREF to this borrower, following previous loans used to buy hotels in Gloucester and Wakefield.
Allsop carried out the valuation for the property, and Trowers & Hamlins in London acted on the legal due diligence.
Sean Adams, managing director at HREF, said: “We’re pleased to have completed another loan for this entrepreneurial hotel group, in a sector where we’ve become increasingly active since our launch.
“We understand their business plan and value the trust they place in us to perform.”
A representative for the borrower said: “It is great to have completed another loan with Hilco to allow the group to expand.
“We are already teeing up the next transaction.”
