Sterling, Huddle, Oppenheim and Craft

UK Top 200 position: 10

Sterling and company 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.”


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1 Simon's Manor
Aldgate
London
WC2B 4HN
UK
http://www.sterling-huddle.com

Turnover (£m): 1,400
PEP (£k): 766
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Total lawyers: 3,744
Total partners: 1,247