Hotel owner and operator Starboard Hotels is set for further growth following a seven-year refinancing deal and the purchase of another London hotel.
The company, whose portfolio includes 21 hotels across brands from Hilton, IHG, Accor, Best Western and Wyndham, has recently acquired The Bridge Hotel, Greenford in West London.
Its most recent acquisition was financed by OakNorth Bank, and the group said the move capitalises on the success of its first London property, the Hampton by Hilton London Park Royal.
Starboard Hotels also owns and operates unbranded hotels including the Windermere Manor in the Lake District National Park and The Cliffden Hotel, Devon, in addition to 28 Pizza Hut delivery stores under franchise from Yum!.
Paul Callingham, Starboard Hotels founder and CEO, said: “We are incredibly energised and excited for the future with clear ambitions to grow the Starboard business.
“We are also pleased to have secured this important restructuring, which enables us to unlock the potential for future growth as the hotel sector moves towards recovering from the effects of the global pandemic.”
He added: “The company is in a strong position for expansion and the refinancing enhances our ability to reinvest in our existing properties, as well as acquiring hotels in locations throughout the country. This is an exciting time for our business and our hard-working teams.”
The deal was supported by Savills, who carried out the valuations with commercial law specialists DWF LLP acting as advisors to Starboard Hotels.
Melanie Williams of DWF Group said: “We are pleased our specialist advisors were able to assist Paul and the senior Starboard management team in completing this major, complex refinancing deal.”
