Fairfield Real Estate Finance (FREF) and Barings have provided a €70.125 million (62.5% LTV) investment facility to the JMK Group secured against the Holiday Inn Dublin Airport Hotel.
The hotel, which has 421 bedrooms, was developed by the JMK Group and opened in 2021. The investment loan refinances the existing development facility provided by FREF to fund the construction of the hotel. Barings and FREF, which provided a senior loan and a junior loan respectively, agreed the facility for a four-year term.
The syndication of the loan was arranged by Brotherton, which brought Barings into the facility as the senior lender.
What they said
Chris Davison, head of deal origination at FREF said: “We are delighted to close this loan with Barings and to continue to support the growth of the JMK Group. Having supported the JMK Group through the development phase, it is great to see this hotel open and trading, with the potential to become one of the best hotels in Ireland.”
John Kajani, founder and CEO of the JMK Group said: “We thank Fairfield for belief in JMK and the Holiday Inn Dublin airport project by supporting us via the development loan. We are pleased they stayed on as part of the investment loan. We are excited to start a new beginning with Barings. We look forward to driving this hotel to be one of the best in Ireland.”