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Zetland Capital has secured a £70m refinancing deal with Leumi UK, which will go towards supporting further enhancements to the Edinburgh Marriott Holyrood and the Manchester Marriott Hotel Piccadilly.
The loan, which received advisory services from law firm Burges Salmon, will support Zetland as it further invests in the 160-room Edinburgh Marriott and the 338-room Manchester Marriott.
Katie Allen, partners in the hotels team at Burges Salmon, said: “This deal is a testament to Zetland Capital’s commitment to investing in and enhancing its hotel portfolio, ensuring that it provides the best possible stays for its customers. It was a pleasure to be part of the team facilitating this successful financing.
“This is the latest in a series of hotel deals completed by our firm and reflects the continued confidence, from investors and lenders, in the hospitality and leisure markets and the opportunities they present.”
Ahmed Hamdani, founder and managing partner of Zetland Capital, added: “In our second transaction together, Leumi UK’s support has been invaluable, showcasing deep expertise in the hotel sector and our investment strategy. These best-in-class assets, enhanced by our refurbishments, are well-positioned to thrive in Edinburgh and Manchester’s strong tourism and business travel markets.
“We’d like to thank the Burges Salmon team for their support. The team was excellent at bringing all of the stakeholders together and showed throughout the transaction their strong grasp of the commercial and practical operations of hotels and how to finance them.”
