Reading Time: minute
UK: Alternative investment firm King Street Capital Management UK and alternative lender Cohort Capital, along with funds managed by Apollo, have completed a £348 million senior loan to refinance The Park Tower Hotel in Knightsbridge, London.
The loan refinances debt initially provided by Cale Street Partners.
The 16-storey Park Tower Hotel features 271 keys, a casino and a restaurant. It is located opposite the Mandarin Oriental Hyde Park, close to Sloane Street and Harrods.
Paul Brennan, partner and co-head of Real Estate at King Street Capital Management, said: “Park Tower is a landmark Knightsbridge hotel. This transaction plays to our structuring expertise and focus on high-quality hospitality and residential opportunities, delivered with disciplined execution. We’re pleased to partner with Apollo and Park Tower ownership, further underscoring our collaborative approach to working with experienced sponsors and lenders on high-quality, complex assets.”
Ben Eppley, partner and head of real estate credit, Europe, at Apollo, added: “We’re pleased to serve as senior lenders in this transaction, supporting Park Tower’s high-quality owners alongside the experienced team at King Street as they embark on the repositioning of this landmark asset.”
Robert Pritchard, chief investment officer at Cohort Capital, said: “Fantastic to work with King Street and Apollo on the refinance of the Park Tower Hotel, an asset that represents a combination of scale, location and repositioning potential in London’s prime hospitality market.”
Taylor Wessing and Mutual Finance advised the borrower, while Simpson Thacher & Bartlett LLP and Mishcon De Reya LLP, and Linklaters advised King Street and Apollo.
Highlights:
• £348 million refinancing has been completed for The Park Tower Hotel, Knightsbridge.
• The transaction was led by King Street Capital Management, Cohort Capital, and Apollo.
• It refinances prior debt from Cale Street Partners.
• The 271-key, 16-storey hotel includes a casino and restaurant.
