Goldman Sachs and Highgate Hotels have secured finance from Royal Bank of Canada for the purchase of K+K Hotels’ 1,184-bed portfolio, which includes the Hotel George in Kensington, SW5 (pictured).
The partnership is understood to have financed the €350m (£257m) buy with a senior loan facility at a 65% loan-to-value ratio.
The five-year loan of close to €227.5m has been priced at between 280 and 310bps over Euribor.
The finance was obtained within two weeks of the purchase as JLL, acting for K+K vendors Josef and Helmut Koller, had solicited bids for finance before securing the offer.
