Shiva Hotels Group (Shiva Hotels) has successfully completed the c. €357m refinancing of The BoTree, its luxury hotel in Marylebone, with BlueWater Capital and NorthWall Capital.
The transaction represents the Group’s first transaction with BlueWater Capital which provided a €202.3m senior loan and NorthWall Capital, which provided a €166.6m secured facility, and refinances an existing loan with Cale Street Real Estate Partners and Crosstree Investments. The proceeds will enable Shiva Hotels to deliver on 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, broadening the offer in response to strong customer and corporate demand.
The BoTree occupies a prime West End location, where Marylebone, Mayfair and Soho, three of London’s most desirable neighbourhoods, connect. It occupies a stand-out position in the hospitality sector due to its vibrant design, 199 guestrooms and suites, a two-floor restaurant, a neighbourhood bar and unique event spaces.
Rishi Sachdev, CEO of Shiva Hotels, commented: “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.
The BoTree’s location and future potential, coupled with the hotel sector’s continued growth, saw us generate interest from a deep pool of funders keen to support us on this transaction. We have remained patient, however, and have chosen two like-minded counterparties with the track record and expertise to support us on the next stage of our journey.”
Alexander Garnier, Founding Partner and Portfolio Manager at NorthWall, commented: “We are delighted to partner with Shiva Hotels and BlueWater Capital on this landmark transaction. This partnership underscores NorthWall’s ability to deliver tailored capital solutions with speed and certainty. 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.”
Schoenherr provided legal advice for the seller, while Kinstellar represented the buyer.
Image source - Shiva Hotels.
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