We provided Bowling Green Asset Management with a £5.0 million loan for the acquisition of the Holiday Inn Stonehenge, in Wiltshire. Completed within four days, the deal demonstrates the ongoing appetite from borrowers for the type of swiftly executed flexible financing that we’re able to provide.
The 103-bed fully serviced, purpose built hotel benefits from further planning consents for an additional 47 bedrooms and a stand-alone restaurant on the wider 2.5 acre site. The 12 month multi phased facility includes a pre-approved further advance and represented the borrower’s first use of a short term loan facility from a specialist property lender.
Located in the heart of Wiltshire, the hotel benefits from its close proximity to Stonehenge, a world famous prehistoric monument which attracts over one million visitors annually. The hotel has a wide range of amenities including modern meeting rooms, an outdoor terrace area, on-site restaurant, air-conditioned rooms and free Wi-Fi.
The loan follows on from our record £80 million of new lending originated during November, as we continue to attract both new and existing borrowers to our growing Lifecycle Lending range of commercial, development and residential products.
Jamie Levy & Nicholas Rubin, Directors of Bowling Green Asset Management said:
“We are delighted to announce our second branded hotel acquisition of 2017, the 103 bedroom Holiday Inn Stonehenge, for a total SPA consideration of £12.5 million, which was completed with funding from Octopus Property. The SPA price equates to an attractive net initial yield of 9.25% and is well aligned with our ongoing acquisition strategy.”
