Global alternative asset manager Cheyne Capital provided a £108 million senior loan to Champneys Health Resorts.
The loan will be used to re-finance and consolidate the group’s existing loan facilities. It will also support the group’s five-year business plan, including renovations of the Springs property in Leicestershire and Mottram Hall in Cheshire.
Champneys has six resorts and hotels in the UK with a combined total of 538 beds and 249 treatment rooms and an average of 100,000 visits per annum.
Duxhill Associates arranged the transaction.
In March this year Cheyne Capital agreed a €63.3 million funding partnership with Bain Capital Credit, LP and Stoneweg Hospitality to support the acquisition and redevelopment of the Andalucia Plaza Hotel in Marbella.
What they said
Theo Hajoglou of Cheyne Capital Real Estate said: “As we emerge from the pandemic, two factors are clear. Firstly, that there is significant demand to travel once more and, secondly, that health and wellbeing is a major priority for consumers. We are therefore pleased to be working with Champneys Health Resorts, both a premier hotel group and a world-renowned leader in the wellness space, and to support their efforts to maintain a state-of-the-art experience for their guests.”
Alan Whiteley, CEO at Champneys said: “Part of Champneys’ long and successful legacy as the UK’s original and largest spa group has been its ability to adapt and stay ahead of the curve. With many new facilities and innovative treatments in development, we’re delighted to be entering into this exciting new chapter with Cheyne Capital Real Estate.”