Ibis Styles hotel at Waterloo Street in Glasgow, owned by a private equity firm, has secured a £5m refinancing from Assetz Capital, a lender in the SME commercial property and residential development sector.
The 137-bed hotel is themed around the city’s well-known music scene and features ‘rehearsal studio’ bar and a ground-floor Tinderbox coffee shop as well as working spaces and booths.
The news coincides with a second development finance deal of £7m, which will enable the ground up build of three luxury, detached properties in Surrey.
These two deals follow the recent announcement from Assetz Capital of the launch of their enhanced, initial day 1 funding for development finance schemes up to 70% LTGDV.
David Hehir, the relationship director at Assetz Capital who led the deal, said: “I was delighted to be able to support the refinance of the Ibis Styles Glasgow Central Hotel with a £5m debt package. We worked closely with Maven Capital Partners to facilitate its delivery which re-affirms our commitment to the hotel sector in Scotland and the wider UK market.”
Andrew Fraser, chief commercial officer at Assetz Capital, added: “These two most recent transactions for £12m, highlights our expertise across all facets of the property sector. It showcases our capability to successfully support business no matter the type of project or location.
“From financing the hotel and leisure industry to enabling ambitious ground up residential property developments across every region of the UK, the team at Assetz Capital have decades of property banking experience to enable these deals to happen for our brokers and customers. We are extremely lucky to have in market boots on the ground to enable us to support all regional property investment and development funding.”