UK: Lender Virgin Money has completed a £51 million refinancing for the Hotel AMANO Covent Garden in London.
Hotel AMANO Covent Garden marked the first international opening for the Berlin-based AMANO group, which owns, develops and operates a portfolio of 15 hotels.
The London hotel was developed by Manex Properties, a joint venture between AMANO and Excellion Capital. Woods Bagot London Studio was appointed as lead architect and interior designer.
Philip Rokeach, director of AMANO Group, said: “Hotel AMANO Covent Garden was successfully launched in 2022 with a vision to add the flair of Berlin to London’s hotel landscape. We were delighted to see how well our new hotel concept was received in the market and pleased to see our hotel operating so successfully so quickly.
“This refinancing reflects the success of our maiden operation in London, and we look forward to working with Virgin Money for years to come as we expand the AMANO hotel brand here in London with additional acquisitions.”
Robert Stafler, director of AMANO UK and CEO of Excellion Capital, added: “The success of this refinancing and its attractive terms reflect not only the strength of the AMANO Group’s operations across Germany and the UK, but also our excellent relationship with Virgin Money. Our new facility supports us in delivering on our ambitious growth strategy. Hotel AMANO Covent Garden is the first of multiple hotel projects we are planning here in London and we hope this will be the first of many transactions with Virgin Money.”
Peter Upton, senior director, hotel finance, Virgin Money, said: “Having visited many of the AMANO hotels across Germany, I am pleased to say that AMANO is a fantastic hotel group. The group’s first UK hotel in Covent Garden is in a top location and has a first-class management team. We are delighted to support the team with this refinancing, underscoring our commitment to the hotel lending market in the UK.”
