Starwood European Real Estate Finance has said all interest on its £462m of loans has been paid in full and on time.
It also expects future interest payments to be paid in full due to the ongoing easing of lockdowns across the UK and Europe.
Starwood’s loans are spread across 19 investments and it currently has £68m of unfunded commitments.
Its average loan to value across the portfolio is at 62%, representing “a strong equity cushion”, Starwood said in an update.
The business also has £34m of net debt, equating to 8% of its net asset value.
Hospitality makes up 33% of its portfolio, and of this 35% comprises three hotels in England and Scotland, which are scheduled to reopen in July.
Starwood’s investment adviser expects the hotels to benefit from increased UK domestic demand for staycations this year, the firm reported. The sites will also be refurbished over the winter period to reopen in 2021, which the adviser believes will put then in a “robust” position to recover from the disruption caused by the global pandemic.
Starwood added that across its office loans, which makes up 23% of its loan portfolio, in excess of 91% of rent payments had been collected for the year to date. Office assets located in London and Dublin account for 51% of the portfolio.
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