Fattal secures £525 million refinancing mortgage from Cheyne

UK: Different asset supervisor Cheyne Capital has supplied a £525 million senior mortgage to Fattal Resort Group to help the refinancing of 4 London motels.

The 4 motels – NYX Resort London Holborn, Leonardo Royal Resort London Metropolis, Leonardo Royal Resort London Tower Bridge, and Leonardo Royal Resort London St Paul’s – have been acquired by Fattal in 2019 and function beneath its European arm, Leonardo Resorts.

Representing greater than 1,300 bedrooms, the motels have undergone a refurbishment together with assembly and occasion areas, bars and eating places, swimming swimming pools, gyms, magnificence spas, and remedy rooms.

Alongside its personal funds, Cheyne’s accomplice Migdal Insurance coverage Firm additionally participated within the refinancing.

Man Vardi, M&A director of Fattal European Partnerships, stated: “We’re happy to collaborate with Cheyne Capital, who’ve introduced their distinctive experience to this vital, high-profile financing of our stunning motels in London. Partnering with them, alongside Migdal Insurance coverage Firm, demonstrates the belief they’ve in our operational efficiency and hospitality platform, making certain we proceed to raise our choices on this vibrant metropolis.”

Arron Taggart, head of UK funding at Cheyne Actual Property, stated: “This refinancing is among the largest to date in 2024 and demonstrates our means to execute prime quality transactions of measurement. In Fattal, we’ve got each an operator of the very best calibre in addition to a funding accomplice that’s keen to step up when required. The London resort market is proving to be a compelling funding because it continues to get well publish COVID-19, and we’ll proceed to hunt out comparable best-in-class investments similar to this.”

Erez Migdali, chief funding officer at Migdal Insurance coverage Firm, added: “Migdal Insurance coverage is delighted to accomplice once more with Cheyne Capital on this thrilling refinance of a high- high quality resort portfolio, operated by Fattal. Financing this portfolio of high-quality motels in key vacationer locations alongside our longstanding companions at Cheyne, aligns completely with Migdal’s experience in actual property funding and our dedication to supporting the expansion of robust corporations like Fattal Resorts. We’re assured that these London motels will proceed to thrive and ship glorious returns for policyholders.”