Indian-Origin Hotelier Secures Funding For UK Hotel
The Shiva Hotels Group, headed by Indian-origin hotelier Rishi Sachdev, closed a 230-million pound development financing package to fund the construction, through to completion, of its new 199-room luxury lifestyle hotel in Marylebone, central London. The transaction, involving real estate invest
Published -
Jul 2, 2020 6:00 AM
The Shiva Hotels Group, headed by Indian-origin hotelier Rishi Sachdev, closed a 230-million pound development financing package to fund the construction, through to completion, of its new 199-room luxury lifestyle hotel in Marylebone, central London. The transaction, involving real estate investment and finance firm Cale Street Investments and UK-focused real estate investment firm Crosstree Real Estate Partners, was agreed during the Covid-19 pandemic lockdown and has been branded a “vote of confidence” in one of the largest recent development facilities for a central London hotel. Cale Street is providing 160 million pound and Crosstree 70 million pound of the initial four-year facility, which has an option to extend and refinances a 80-million pound loan that was in place with ICG Longbow. The Marylebone Lane Hotel, which is due to welcome its first guests in early 2023, is one of a range of luxury lifestyle hotels planned by UK-focused hotel owner and manager Shiva Hotels, which includes two further central London development sites – at Holborn Viaduct and on Poland Street.
Tags : INTERNATIONAL