Legal & General’s LGIM commercial lending arm has completed a £75m hotel loan for five airport hotels at Stansted and Gatwick.
The 20-year loan is secured against the hotels at a loan to value ratio of 78%. The buildings are let on long leases to established hotel groups.
This is the second hotel loan for L&G and its largest to date. Previously L&G provided a 10-year £37.5m loan secured against the Hilton London Heathrow hotel at Terminal 5.
To date the commercial lending arm of L&G has committed £1.5bn across 13 deals in sectors such as social housing, student accommodation and care homes.
