UK: Orient-Express Hotels has completed a £25.8 million refinancing of Le Manoir aux Quat’Saisons in Oxfordshire, and Reid’s Palace in Funchal, Madeira.
The refinancing has been arranged with Barclays, whose head of hotel finance Tim Helliwell said the bank’s long-standing relationship with the Orient-Express Hotels has helped the new facility to be agreed.
Martin O’Grady, chief financial officer of Orient-Express Hotels, said: “We appreciate the continued support we receive from Barclays and are pleased to have worked with them to successfully complete the refinancing of these two important European properties. Their confidence reflects the quality of these assets and the ability of our operations to deliver a strong return on investment.”
Le Manoir, which was established in 1984 by chef Raymond Blanc, has 32 bedrooms, a two Michelin-star restaurant, a cookery school and a kitchen garden. Orient-Express bought a majority stake in Le Manoir from Virgin Hotels for £27.5 million, a deal which included a 50 per cent holding in Le Petit Blanc.
Blanc is a vice-president of Orient-Express Hotels, which operates hotel, cruises, trains and restaurants.
Reid’s Palace is a five-star property with 128 bedrooms and 35 suites.