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BLME provides £19.76 million financing for Hilton hotel in Glasgow
(MENAFN- Luther Pendragon) Bank of London and The Middle East plc (BLME) has provided a £19.76 million financing facility to Silk Property Group for the purchase of a major new hotel in Glasgow. Located on the banks of the River Clyde in the city centre, the 186-room hotel will be the first Motto by Hilton to open in the UK.
The transaction highlights the “flight to quality” taking place in the real estate market, as investors seek out prime assets with resilient value amid concerns that challenging economic conditions and rising interest rates will lead to capital value depreciation among non-prime assets.
Expected to open in 2024, the hotel’s guests will benefit from access to a range of attractive features, including multiple connecting rooms for families and larger groups, and views of the River Clyde.
Stephen Isaacs, Real Estate Finance Director at BLME, said:
“This deal demonstrates renewed investor interest in property assets in the hospitality sector, following a period of decline after it was hit especially hard both by the Covid-19 pandemic and the recent surge in energy prices.
Glasgow attracts three million tourists each year, so a property situated in one of the city’s most desirable locations – with views overlooking the River Clyde – is likely to prove attractive to investors wary of capital value depreciation among secondary and tertiary assets. We predict that premium quality properties such as Motto by Hilton Glasgow will continue to prove highly attractive to international investors in 2023.”
Richard Diamond, Silk Property Group, said:
“As a prime property located in the heart of a city with enduring international appeal – and the UK’s first ever Motto by Hilton hotel – this asset is a very strong addition to our investment portfolio. The team at BLME played a vital role in facilitating this deal - it was a real pleasure to work with them, and we look forward to doing so again in the future.”
The transaction highlights the “flight to quality” taking place in the real estate market, as investors seek out prime assets with resilient value amid concerns that challenging economic conditions and rising interest rates will lead to capital value depreciation among non-prime assets.
Expected to open in 2024, the hotel’s guests will benefit from access to a range of attractive features, including multiple connecting rooms for families and larger groups, and views of the River Clyde.
Stephen Isaacs, Real Estate Finance Director at BLME, said:
“This deal demonstrates renewed investor interest in property assets in the hospitality sector, following a period of decline after it was hit especially hard both by the Covid-19 pandemic and the recent surge in energy prices.
Glasgow attracts three million tourists each year, so a property situated in one of the city’s most desirable locations – with views overlooking the River Clyde – is likely to prove attractive to investors wary of capital value depreciation among secondary and tertiary assets. We predict that premium quality properties such as Motto by Hilton Glasgow will continue to prove highly attractive to international investors in 2023.”
Richard Diamond, Silk Property Group, said:
“As a prime property located in the heart of a city with enduring international appeal – and the UK’s first ever Motto by Hilton hotel – this asset is a very strong addition to our investment portfolio. The team at BLME played a vital role in facilitating this deal - it was a real pleasure to work with them, and we look forward to doing so again in the future.”
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