27 December 2012
Starwood European Real Estate Finance announces first investment. Starwood Property Trust Inc. co-invests alongside.
The Maybourne Hotel Group: owner of the Berkeley, Claridge's and Connaught Hotels in London, UK.
Starwood European Real Estate Finance Limited ("SEREF") (LSE - SWEF) together with Starwood Property Trust ("STWD") (NYSE - STWD) has acted as one of the three partners for the £147m mezzanine component of the £547m refinancing ("Refinancing") of the Maybourne Hotel Group ("Maybourne").
The 5 Year Refinancing is secured on three Five-Star luxury London hotels being Claridge's, the Connaught and the Berkeley and consists of a £400m senior loan and £147m of mezzanine of which SEREF has committed £19m and STWD £30m. SEREF's investment has been undertaken on an attractive loan to value in the low fifties percent and the Company will earn a double digit yield in line with its investment criteria as outlined in its prospectus.
Ends
Contact:
Maitland
Liz Morley
T: +44 207 379 5151
E: lmorley@maitland.co.uk
Ipes (Guernsey) Limited
John Ellman-Brown
T: +44 1481 713843
E: john.ellman-brown@ipes.com
BACKGROUND INFORMATION
Maybourne Hotel Group whose headquarters is in Mayfair, London, owns and manages Claridge's, the Connaught and the Berkeley, three of the world's most renowned hotels. Maybourne hotels are committed to delivering authentic and unique guest experiences that reflect the individual nature of its hotels, its guests and its people whilst maintaining a timeless elegance and intuitive service style that are the hallmarks of its properties. www.maybourne.com
Starwood European Real Estate Finance is an investment company listed on the London Stock Exchange main market with an investment objective to provide Shareholders with regular dividends and an attractive total return while limiting downside risk, through the origination, execution, acquisition and servicing of a diversified portfolio of real estate debt investments in the UK and Continental European markets. www.starwoodeuropeanfinance.com
Starwood Property Trust, Inc. focuses primarily on originating, investing in, financing and managing commercial mortgage loans and other commercial and residential real estate-related debt investments. www.starwoodpropertytrust.com