Hybrid hospitality operator The Social Hub (TSH) has secured a €566m refinancing facility.
Formerly known as The Student Hotel, TSH agreed the facility with Aareal Bank and two participating lenders, one of which is Rabobank. The loan is classified as a green loan by Aareal under its own green finance framework.
TSH offers co-working, events, hotel, extended-stay rooms and student accommodation across 13 properties in the Netherlands, Spain, France and the UK. It has nearly 7,000 rooms across Europe with 3,000 more in the pipeline.
Charlie McGregor, CEO and founder of TSH, said: “We are pleased to share that once again, our unique hybrid model has proved itself, with the lenders showing strength and confidence in The Social Hub. We were delighted to be able to partner up with experienced lenders like Aareal Bank and Rabobank, who understand the demands of our business and demonstrate strong operational and local expertise. The successful refinancing of our portfolio will allow us to further invest in the growth and quality of our platform across Europe, with upcoming hotel openings in San Sebastian, Glasgow, Rome, Florence and Porto in the next 18 months.”
Michelle Weiss, head of hotel properties at Aareal Bank, says: “We are delighted to establish this relationship with such a unique hospitality brand and operator as TSH. The distinction between traditional hotel services, co-working, co-living, student accommodation and retail is becoming blurred. Today, people live, work and travel differently; they crave that social aspect and sense of community. TSH offers just the right blend of liveliness, style, and function in a concept that has been proven to be both highly resilient and attractive.”
TSH was advised on the transaction by Clifford Chance. The valuation was carried out by CBRE.
