Aareal Bank has closed a financing agreement with London + Regional Hotels (L + R).
The international real estate investor received a senior loan to refinance the rebranding and remodeling of the Nobu Hotel London Portman Square, which opened as a five-star hotel in May 2021.
The 249-room hotel is the third collaboration between L + R and Nobu, following existing properties in Ibiza and Monte Carlo.
L + R invests in and develops real estate properties in the UK and abroad. The group's footprint spans the UK, continental Europe, the US and the Caribbean with Its 113-hotel portfolio comprising some 23,000 rooms.
The deal's financing advisory services were provided by Chatham; on legal matters, L + R and Aareal Bank were advised by Fladgate and Bird & Bird respectively, while Cushman & Wakefield Hospitality carried out the property's valuation.
What They Said
Bettina Graef-Parker, managing director special property finance at Aareal Bank, said: "We are very proud to have closed another agreement with L + R. Hotels are a very specific asset class that requires careful consideration by both the investor and financier, particularly in the challenging environment of today. L + R and Aareal Bank's longstanding experience and expertise in hotels continue to enable us to identify opportunities and thrive in the sector."