Shiva Hotels Group has successfully completed the £300 million+ refinancing of The BoTree with BlueWater Capital and NorthWall Capital.
The transaction represents the UK-focused hotel owner and operator’s first transaction with BlueWater Capital which provided a £170 million senior loan and NorthWall Capital which provided a £140 million secured facility, and refinances an existing loan with Cale Street Real Estate Partners and Crosstree Investments.
Located at 30, Marylebone Lane, the property comprises 199-keys, a two-floor restaurant, neighbourhood bar and event spaces. Shiva will use the proceeds to support the further growth of the next phase of the hotel’s capex programme, which will see the opening of a rooftop swimming pool and bar lounge, fitness and wellness space, along with private dining rooms and meeting spaces.
Shiva bought the site for around £100 million in 2016. In October, the building was put on the market as Cale Street and Crosstree sought to recoup the £275 million they had lent against it.
What they said
Rishi Sachdev, CEO of Shiva Hotels said: “We are thrilled to be establishing two new blue-chip lending partnerships, which will enable us to continue our long-term strategy for The BoTree and our mission of bringing conscious luxury to the market.”
Alexander Garnier, founding partner & portfolio manager at NorthWall added: “We are delighted to partner with Shiva Hotels and BlueWater Capital on this landmark transaction. This transaction aligns with our strategy to finance top-tier businesses and assets, further reinforcing NorthWall’s leadership in the alternative credit market amid increasing opportunities as banks scale back in private credit.”