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UK hospitality real estate group Prosper Cap has secured a £66m mortgage-secured loan from global alternative investment manager Castlelake.
The loan has been offered to refinance a stabilised portfolio of 17 hotel assets owned by Prosper Cap and located across 15 cities in the United Kingdom.
Castlelake funded the loan alongside AllianceBernstein (“AB”), an existing capital partner.
The assets in the portfolio include hotels operating under Hilton, IHG and Marriott brands and are located in key regional cities such as Manchester, Liverpool, Leeds, Nottingham and Glasgow.
Since its inception, Castlelake has invested more than €7bn (£5.84bn) in the acquisition or financing of more than 8,000 assets across 18 European countries.
Taylor Wessing advised Castlelake on the transaction.
Eduardo D’Alessandro, partner at Castlelake, said: “Since establishing its presence in Europe in 2006, Castlelake has been an active investor across real estate property types and has executed numerous credit investments in hospitality assets. This transaction is an example of the asset-based private credit solutions that we can provide to borrowers across Europe and the exposure we can deliver to investors.”
