We have advised longstanding client Crimson Hotels on the refinancing of 100 Queen’s Gate Hotel London with a syndicate of new lenders, comprised of Clydesdale Bank, owned by Virgin Money, and Leumi UK.
The luxury hotel, which is part of the Curio Collection by Hilton, is situated in a prime location in the heart of Kensington.
Commenting on the transaction, Gareth McCarter who led on the deal said: "This new money deal has been a big success, and more so because of the considerations and challenges the Covid-19 pandemic presented. Showing the resilience of the hotel sector, we are delighted that Crimson have secured the long-term backing and support of Clydesdale Bank and Leumi UK."
Aly Kassam, CEO of Crimson Hotels, said: "2020 has been one of the most challenging years for our sector. Completing this latest deal is a positive indicator of the ability of our industry to navigate through this unprecedented situation. We are grateful for the support of both Clydesdale Bank and Leumi UK in this transaction."
Peter Upton, Senior Director, Hotel Finance at Clydesdale Bank said: “We are delighted to support the refinancing of 100 Queen’s Gate Hotel. The facilities provided in collaboration with our partners, Bank Leumi UK, have been tailored to support the needs of the business to ensure its resilience in the coming months. The sector continues to feel the pressure of the COVID-19 pandemic and this deal will ensure the management team has the flexibility to navigate the challenges ahead”.
This deal required expertise drawn from across the firm's Banking & Finance and Real Estate teams.
The team was led by partner Martin Yells and senior associate Gareth McCarter, with support from associate Scott Perry and paralegal Katie McAlister in the Banking & Finance team. Partner Lerika Joubert and associate Katie Horbury provided derivatives advice, and consultant Raman Sharma provided real estate advice with support from senior associate James Oliver and trainee Kris Champaneri.
CMS advised the lenders and Cushman & Wakefield carried out the valuation.