Shiva Hotels Group has completed the £300m+ refinancing of The BoTree luxury hotel in Marylebone with BlueWater Capital and NorthWall Capital.
The transaction represents Shiva’s first transaction with BlueWater Capital, which provided a £170m senior loan, and NorthWall Capital, which provided a £140m secured facility.
The facility refinances an existing loan with Cale Street Real Estate Partners and Crosstree Investments and 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.
The BoTree occupies a prime West End location and offers 199 guest rooms and suites, a two-floor restaurant, neighbourhood bar and event spaces.
Rishi Sachdev, CEO of Shiva Hotels, said: “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, added: “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.”
