- Mayfair Townhouse hotel in London financed
Wiesbaden, 24 March 2021 – Aareal Bank has granted L + R Hotels a five-year loan, secured by the prestigious hotel “The Mayfair Townhouse”. The funding is in the upper double-digit million GBP range. The 5-star luxury hotel with 172-rooms, formerly known as the Green Park Hotel and the Hilton Green Park, enjoys a prominent location in the heart of the affluent Mayfair district and is one of the rare freehold properties in central London.
“The European hospitality industry is currently going through a challenging time. We stand by our clients also in these times and continue to finance selected projects”, stated Christof Winkelmann, Member of the Management Board of Aareal Bank. “Confirmed by the rapid recovery that can currently be observed in China and the Far East, we remain confident of the long-term perspective for the industry as a whole. Accordingly, we are very glad to have been given the opportunity, to finance a prime asset in one of the best yielding hotel locations worldwide.”
L + R Hotels has recently invested a substantial amount in the refurbishment of the premise, which was purchased back in 2004. The refurbishment and repositioning of the boutique hotel, which mainly caters to luxury business and leisure travelers, was completed at the end of 2020. The hotel will be operated under the “Iconic Luxury Hotels” brand of L+R, which comprises of eight 5-star luxury hotels and resorts spread across Europe and the United States. Leonard Sebastian, Group Managing & Legal Director of London + Regional Hotels, praises the cooperation with Aareal Bank: “I found the Aareal team a dream to work with. The transaction was seamless despite the myriad of challenges imposed by Covid-19 and otherwise. They oriented thru the complexities with such finesse. No stones left unturned.”
Bettina Graef-Parker, Managing Director - Special Property Finance of Aareal Bank and with the hotel finance team responsible for the deal, added: “The Mayfair Townhouse is a unique gem, not only in the L + R portfolio, but also for the London property market. We are happy to add another chapter to the lasting business relationship with a group that shows an impressive history of creating value within the hospitality sector.”
Aareal Bank was advised by Pinsent Masons on legal matters, Cushman & Wakefield provided commercial and technical due diligence for the transaction.
Additional photographs for editorial use can be downloaded here.