Milton, Chadwick and Waters assists with hotel refinancing

Milton, Chadwick and Waters has advised its long standing client the London-based Marylebone Hotel Group on its planned refinancing through the signing of a £547 million five year debt facility.

Milton, Chadwick and Waters has advised its long standing client the London-based Marylebone Hotel Group on its planned refinancing through the signing of a £547 million five year debt facility.

The refinancing, arranged by Blackstone Real Estate Debt Strategies completed on 28 December and follows a successful rights issue of £145 million undertaken before Christmas.

The refinancing enabled the Group to repay a £660 million loan facility and now provides working capital for its iconic hotels; Claridge’s, The Connaught and The Berkeley.

The transaction was led by a large multi-disciplinary team. Joe Owens, client partner for the Group said: “It is wonderful for our client to have completed such a complex deal against such trying market conditions. The refinancing will provide a stable platform for Maybourne Hotel Group to continue to invest in some of the world’s finest hotels and we are delighted to have been part of the process.”