BLP advises Lloyds Bank plc and M&G Investments on refinancing of Topland hotels portfolio
International law firm, Berwin Leighton Paisner (BLP), has acted for Lloyds Bank plc and M&G Investments as the senior lenders on the £160m refinancing of a portfolio of Thistle hotels owned by Topland on 3 July of this year. The portfolio comprises six hotels, five of which are based in central London (the Bloomsbury Park Hotel, Thistle City Barbican, Thistle Euston, Thistle Hyde Park and Every Hotel Piccadilly) with the sixth being the Thistle Edinburgh.
Richard MacDowel of Lloyds commented: “This has been a landmark transaction for the Bank, supporting a customer of longstanding with a comprehensive restructure of facilities. The terms agreed with Topland have secured them competitive pricing with a structure that reflects the quality of the underlying assets and the management team. We are delighted to be working with the team at Topland and look forward to doing more to support their wider business strategy going forward.”
The BLP team was led by Real Estate Finance Partner Daniyal Ansari assisted by Eleanor Penton (Senior Associate, Real Estate Finance), Emma Roberts (Junior Associate, Real Estate Finance), Adnan Bhaiji (Trainee, Real Estate Finance), Deepa Deb (Partner, Real Estate), David Mullins (Associate, Real Estate) and Paul Shaw (Senior Associate, Tax).
Funds advised by M&G Investments as the mezzanine lender was represented by Linklaters and Topland was represented by Osborne Clarke.