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Apex Hotels has secured a £60m refinancing package from Barclays to support its growth plans, including the purchase of additional hotels and resorts in rural locations.
The news comes after Apex Hotels recently acquired Pine Trees Hotel in Pitlochry, marking its first property in rural Scotland.
Barclays financed the purchase as part of a wider package to support Apex Hotels’ growth and investment in its current portfolio, including future acquisition opportunities in the rural hotel market.
The Pine Trees deal team was led by Malcolm Crawford and Gordon McKean at Barclays Corporate Banking
The hotel group’s growth plans were further supported by the recent sale of the Apex London Wall Hotel, which will help fund its expansion phase over the coming few years.
Angela Vickers, chief executive officer of Apex Hotels, said: “Barclays refinancing package as well as their hospitality industry expertise will help to accelerate our ambitious growth plans, not only to support continued investment in our existing city centre hotels, but to help us build a more diverse portfolio across rural and urban locations throughout the UK.
“Demand for high-quality hotels in the UK has never been stronger. The acquisition of Pine Trees Hotel kickstarts our growth strategy and the brand is perfectly positioned to capitalise on the tourism resurgence by putting guests at the heart of everything we do.”
Jamie Grant, managing director of Barclays Corporate Banking in Scotland, added: “Our hospitality and leisure expertise has meant that we have supported Apex Hotels with a high value finance package of £60m to help secure the purchase of Pine Trees Hotel.
“As hospitality and leisure operators continue to invest in property, acquiring new venues and in much needed environmental upgrades, tailored finance packages and relevant experience are key to giving clients what they need, with the added benefit of advice and introductions to relevant contacts. Our role is more than finance providers. We are there as collaborators and partners to support our clients, helping inform decisions and achieve business opportunities.”
