Private equity firm HIG Capital and hotel manager Hamilton Pyramid Europe have agreed a £13.8m refinancing loan for the renovation of Formby Hall Golf Resort & Spa.
The deal was signed for a five-year term with Leumi UK.
Formby Hall is a four-star resort comprising 76 hotel rooms. It has already been subject to a series of recent renovations to incorporate spa and leisure facilities.
Further plans include additional bedrooms and an extension of the spa, gym and hospitality facilities.
The move comes amid positive outlook for the hotels sector despite economic headwinds. The landlords expect a weak sterling and the cost-of-living crisis to drive both international visitors and domestic staycationers.
Liam Mullans, relationship director at Leumi UK, said: “The UK hotel sector has grown significantly, with transaction volumes in the first half of 2022 up 35% compared with the first half of 2021, and so we’re confident that Formby Hall has all the components to continue thriving over the coming years.”
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