We are delighted to announce that we have successfully secured senior debt for Castlebridge to develop the Hotel Indigo in Coventry. Development finance was obtained from Metro Bank.
Castlebridge are developing the 100-bedroom Hotel Indigo close to Coventry Railway Station as part of the city’s Friargate development. As with their existing hotels, the new Hotel Indigo Coventry will feature a restaurant headed up by Mike Robinson, one of the UK’s most prominent specialist game chefs.
This was a complex deal, due to the capital stack which included mezzanine finance and senior debt. However, the hotel team at Metro Bank quickly got to grips with the proposal and were able to offer competitive terms which enabled the project to proceed.
Commenting on the deal, Jenna Dienn, Director from Castlebridge said: “It was great to have Sarah Green from HotelFinance as part of our extended team, who helped facilitate the senior debt in order to bring this project to life. Coventry has a lot to offer, and we are excited to deliver a new hotel for the city.”
Also commenting, Nicholas Kalamaras, Head of Hospitality & Leisure for Metro Bank, London said: “It was a real pleasure working with Sarah Green and HotelFinance. The transaction is an excellent one for the City of Coventry as part of their £350m city centre regeneration project, and also for Castlebridge who will own the hotel. The deal had a few twists along the way; however Sarah’s knowledge and constructive input was appreciated by all. It’s great to see Phase One of the project completed and we now look forward to seeing the hotel being built.”
HotelFinance are specialist hotel debt advisory brokers, having a deep knowledge of the sector and the lending market. They have successfully raised senior debt for a number of hotel transactions this year, working with hotel owners on refinance, acquisition, and development deals.
To contact Sarah Green at HotelFinance, please email: firstname.lastname@example.org