UK: Lender Aareal Bank provided a loan for eight assets within the Radisson Blu Edwardian London portfolio, acquired in January this year by investment firm Starwood Capital Group.
The portfolio comprises a collection of 10 hotels with 2,053 rooms, all located in London and operated under the Radisson Blu brand.
Aareal acted as the arranger, facility agent, and security agent within the transaction, providing a loan for eight of the properties.
Pinsent Masons and White & Case served as legal advisors to Aareal Bank and Starwood Capital respectively. Cushman & Wakefield acted as Aareal’s external valuation advisor.
Bettina Graef-Parker, managing director, special property finance at Aareal Bank, said: “We are honoured to support Starwood Capital in this significant acquisition, leveraging our expertise in the hospitality sector and providing financial solutions to realise their strategic vision.”
Tim Abram, managing director at Starwood Capital said: “We are delighted to have Aareal Bank as our partner on the acquisition of this one-of-a-kind portfolio of London hotels. The transaction continues our long-standing relationship with Aareal Bank, whose team has a deep and impressive knowledge of the hotel industry.”
Starwood currently has approximately USD $115 billion of assets under management.
The acquisition adds to Starwood’s existing portfolio of European hotel investments, which following the transaction will comprise 47 hotels of approximately 10,000 rooms across Europe.
Appeared first on: boutiquehotelnews.com