The owners of QHotels, a portfolio of 20 four and five-star regional UK hotels, have completed a debt restructuring with lenders.
Joint venture partners, Aprirose, the real estate investment company, and Cindat Capital Management, the Beijing-based international private equity firm, bought the collection of properties from Bain Capital and Canyon Partners for £525 million in 2017.
Since then they have sold off a number of assets, including the Midlands Hotel in Manchester.
React News reported that the pair have injected extra capital into the business and pulled a sale attempt.
“We are very pleased with this outcome and the support we have received from Cindat and our banks who share our confidence in both the assets and the future market conditions,” Manish Gudka, CEO of Aprirose, said.
“We believe the market is set for huge staycation growth, while at the same time anticipating significant growth in conference and events business of a new kind where businesses make up for lost collaboration and fewer days in the office in the future by getting staff together more regularly. The assets in this portfolio are well placed to capitalise on this trend.”