We have advised AllianceBernstein and Castlelake in their £66.43 million mezzanine refinancing of a portfolio of 17 hotels in the UK.
The portfolio was acquired by the sponsor, ProsperCap (a Singaporean listed company which is part of Thailand's DTGO Group), from Marathon Asset Management for £450 million in 2019. The hotels are franchised under various IHG, Hilton and Marriott brands and are managed by Valor Hospitality.
ProsperCap secured over £296 million in senior and mezzanine loans to refinance the hotels and an additional £14 million for upgrades. The senior financing came from Deutsche Bank and Standard Chartered Bank.
AllianceBernstein is a global investment firm with c. $770 billion in assets under management. It has over 4,700 employees and operates in 27 different countries and jurisdictions around the world. AB’s ultimate parent company is Equitable Holdings, Inc., a NYSE listed company.
Castlelake, L.P. is a global private alternative investment firm with approximately $24 billion in assets under management and is focused on investments in real assets, specialty finance and aviation.
The Taylor Wessing team advising AllianceBernstein and Castlelake was led by Heather Buttle and Gareth McCarter in the banking and finance team with support from Michael Fitzpatrick, Harriet Revington, Collette Bunce, and Zenia Kumar.
