Société Générale has financed Cerberus Capital Management’s £225m purchase of a Holiday Inn portfolio.
The French bank will extend a £150m senior facility, which represents a 65% loan-to-value ratio, on the portfolio of 18 UK hotels.
Cerberus bought the portfolio from a group of companies that includes Lehman Brothers Real Estate’s runoff business in March, having paid £25m over the original asking price of £200m.
EastDil Secured was the agent behind the original sale and is understood to have also brokered the SocGen debt arrangements. The bank aims to syndicate most of the loan to a small group of other banks.
