UK: Clydesdale Bank and Leumi UK, the London branch of a major Israeli bank, have announced their cooperation on refinancing for 100 Queen’s Gate Hotel.
The two banks agreed to a 50:50 deal to provide additional liquidity for the owner-operator of the property, London Kensington Hotel Ltd.
Formerly the Kensington Doubletree, the property relaunched last year as a part of the Hilton Curio collection. An accompanying renovation included new rooms, a redesigned aesthetic, and a unique afternoon tea offering focusing on fragrance.
Aly Kassam, CEO of Crimson Hotels, said: “We are grateful for the support received from both Leumi UK and Clydesdale Bank as we navigate the challenges presented to us during the coronavirus pandemic. This facility provides an additional financial boost to ensure the hotel can continue to provide the exceptional standard of service our guests expect and was tailored to suit the specific working needs of our business.”
The deal was overseen by CMS and Cushman and Wakefield on behalf of the lenders and Taylor Wessing on behalf of the borrowers. Leumi UK has been expanding its UK financial offerings, focusing on providing liquidity to hotels.
Stephen Welch, senior relationship manager, hotel finance at Leumi UK, said: “Providing additional liquidity to operating hotels is a core part of what we do, and we were keen to build the right solution that would support the team at London Kensington Hotel Ltd alongside our partners from Clydesdale Bank.”