Shiva Hotels has completed a refinancing of its soon to be launched Middle Eight hotel in Covent Garden, London. The refinance was completed by Alpha Real Capital LLP, the specialist manager of long income real assets, and Bank Leumi.
The hotel is being extensively refurbished as part of transformational capital expenditure plan, ahead of its launch in Spring 2020. Upon opening, the hotel will form part of a portfolio of upscale lifestyle hotels being developed by Shiva.
“We are delighted to have acquired the ground rent of this prestigious hotel from Shiva. The quality of the property and excellent location provides the Fund with confidence this asset will have a long-term future. We are excited to partner Shiva on this project and look forward to working with them,” said Dan Griffiths Transaction Director at Alpha.
”The Fund now has circa. £400m of hotel ground rents under management and remains committed to investing in the sector partnering with both buyers of assets in competitive processes and refinancing of existing facilities.”