Joint venture partners, Aprirose, the real estate investment company, and Cindat Capital Management, the Beijing-based international private equity firm, have announced the restructure of the debt with its lending club for the QHotels portfolio.
The international joint venture acquired the chain of landmark four and five-star UK regional hotels from Bain Capital Credit and Canyon Partners in 2017, before successfully executing a series of high profile sales including the iconic Midlands Hotel in Manchester, the Grade II listed Mottram Hall in Cheshire and Bridgewood Manor in Chatham, Kent.
The current QHotel portfolio comprises 20 market-leading country house, hotel and spa assets, including Oulton Hall in Yorkshire and Slaley Hall hotel and luxury golf resort in Northumberland.
The agreement is underpinned by the joint venture’s and the lenders’ strong long-term commitment to the future of the high-end regional hotel market.
Bernard Van der Lande, managing director of Cindat, said: “As judicious stewards of a diverse portfolio of global investments, we have conviction in the lodging industry’s recovery, and are very invested in our partners, management platform, and this portfolio of hotels that employs so many hard-working people across the UK.”
Manish Gudka, CEO of Aprirose, said: “We are very pleased with this outcome and the support we have received from Cindat and our banks who share our confidence in both the assets and the future market conditions. We believe the market is set for huge staycation growth, while at the same time anticipating significant growth in conference and events business of a new kind where businesses make up for lost collaboration and fewer days in the office in the future by getting staff together more regularly. The assets in this portfolio are well placed to capitalise on this trend.”
This post has originally been featured in Property Wire.