Rocco Forte Hotels has more than halved its group debt to £115m, according to accounts filed at Companies House this week.
The group said that the sale of non-core assets, including the Lowry in Manchester, and £60m of new equity from Italian state-backed sovereign fund FSI had enabled it to reduce its debt position and agree a new five-year facility with Bank of Scotland. The hotelier’s existing debt with the bank was due to expire in June.
The new debt includes a development facility, which the group will use to aid its expansion plans.
Separately, Rocco Forte Hotels has agreed financing with Unicredit SpA and Barica Popolare di Milano on its 203-bedroom Verdura Golf & Spa resort in Sicily, extending the facility to 2024. As part of the deal, €15m (£10m) of debt was converted to equity and €10m to convertible bonds.
