Digital SME commercial lender Assetz Capital has announced a £5 million commercial mortgage to refinance the ibis Styles hotel at Waterloo Street in Glasgow which is owned by a private equity firm.
David Hehir, the relationship director at Assetz Capital who led the deal, said, “I was delighted to be able to support the re-finance of the ibis Styles Glasgow Central Hotel with a £5m debt package.
“We worked closely with Maven Capital Partners to facilitate its delivery which re-affirms our commitment to the hotel sector in Scotland and the wider UK market.”
It is one of two deals announced by the company which included a £7m development finance deal for 3 luxury, detached properties in Surrey.
Speaking on both deals, Andrew Fraser, chief commercial officer at Assetz Capital, said, “These two most recent transactions for £12m, highlights our expertise across all facets of the property sector. It showcases our capability to successfully support business no matter the type of project or location.
“From financing the hotel and leisure industry to enabling ambitious ground up residential property developments across every region of the UK, the team at Assetz Capital have decades of property banking experience to enable these deals to happen for our brokers and customers.”