Orient-Express Hotels completes €30m refinancing with Barclays
Luxury hotel group, Orient-Express Hotels Ltd, has completed a €30m refinancing with Barclays of two of its hotels, the Michelin starred Le Manoir aux Quat’Saisons in Oxford and Madeira-based Reid’s Palace.
Established in 1984 by Raymond Blanc OBE, Le Manoir aux Quat’Saisons brings together a renowned restaurant, a world class cookery school, and a luxury country house hotel with 32 individually designed guest rooms and suites in Great Milton just outside Oxford. Reid’s Palace is a five star hotel in Funchal, Madeira. Set on a private cliff and surrounded by subtropical gardens overlooking the ocean, Reid’s has 35 suites and 128 bedrooms, and offers a range of fine and casual dining experiences across its five restaurants.
This latest refinancing facility follows the €35m refinancing of the group’s two Sicilian hotels, Grand Hotel Timeo and Villa Sant’Andrea in September last year.
Tim Helliwell, Head of Hotel Finance at Barclays, said: “Orient-Express Hotels has a long-standing relationship with Barclays and our understanding not only of their business, but of the industry, meant we were able to tailor a facility to meet their needs. Orient-Express Hotels has a fantastic collection of iconic assets, with a well-earned reputation across the globe, and it is its high standards which have ensured that demand and footfall have held firm over the years.”
Martin O’Grady, Chief Financial Officer, Orient-Express Hotels Ltd. said: “We appreciate the continued support we receive from Barclays and are pleased to have worked with them to successfully complete the refinancing of these two important European properties. Their confidence reflects the quality of these assets and the ability of our operations to deliver a strong return on investment.”
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