OakNorth Bank has provided a bespoke debt finance facility to Bain Capital Credit to support the acquisition and refurbishment of the Park Lane Mews Hotel.
The site comprises a 72-room four-star hotel, and three residential buildings comprising of 17 units.
The works will include the refurbishment of the guest rooms and communal areas, including the lobby, bars and restaurants.
Fabio Longo, Managing Director at Bain Capital Credit, commented: “We are delighted to have acquired this fantastic hotel in such a prime location in partnership with Orka. This further enhances the substantial real estate portfolio we have built throughout Europe, which we are actively growing through attractive investment opportunities. The team at OakNorth Bank were able to put together a single facility that captures both the acquisition and refurbishment of the hotel, allowing us to focus on the repositioning of the assets, and move quickly without interruption.”
Oskar Sköldberg, Co-Founding Partner at Orka, further commented: “We are thrilled to have closed our second transaction together with OakNorth this year and are excited to progress with the business plan together with Bain Capital Credit. The transaction underpins our strategy to acquire fundamentally good assets in good locations with strong down-side protection and outperformance potential.”
OakNorth Bank was advised on the transaction by Allen & Overy.