Independent UK law firm Burges Salmon has advised London-based private equity firm Zetland Capital on its £70 million loan facility from Leumi UK to support the refinancing of its Marriott-branded hotel portfolio in Manchester and Edinburgh. The loan supports Zetland as it further invests in the 160-room Edinburgh Marriott Holyrood and the 338-room Manchester Marriott Hotel Piccadilly.
Burges Salmon’s specialist Hotels team advised on the transaction, led by partner Katie Allen, senior associate Samir Younes, solicitor Emer O’Connell and trainee Eva Hunter from the firm’s Banking and Finance team. They were supported, on the real estate and construction side, by director Will Hall and senior associates Matthew Bruce, Richard Davies and Christian Mulvihill.
Katie Allen comments: "This deal is a testament to Zetland Capital's commitment to investing in and enhancing its hotel portfolio, ensuring that it provides the best possible stays for its customers. It was a pleasure to be part of the team facilitating this successful financing. This is the latest in a series of Hotels deals completed by our firm and reflects the continued confidence, from investors and lenders, in the hospitality and leisure markets and the opportunities they present.”
Ahmed Hamdani of Zetland Capital adds: “In our second transaction together, Leumi UK’s support has been invaluable, showcasing deep expertise in the hotel sector and our investment strategy. These best-in-class assets, enhanced by our refurbishments, are well-positioned to thrive in Edinburgh and Manchester’s strong tourism and business travel markets. We’d like to thank the Burges Salmon team for their support, the team was excellent at bringing all of the stakeholders together and showed throughout the transaction their strong grasp of the commercial and practical operations of hotels and how to finance them.”
Burges Salmon’s Hotels team specialises in advising hotel owners, operators, investors and lenders on a wide range of legal issues, from acquisitions and disposals to management agreements and operational matters. The firm’s Built Environment sector group provides comprehensive legal services across all aspects of the built environment, including real estate, construction, planning, and environmental law.