Constellation Hotels, owner of the Connaught and the Berkeley hotels in London, has used a £340m, 10-year loan to refinance an existing facility against the two properties.
The five-red-AA-starred, 122-bedrom Connaught in Mayfair (pictured) and the five-red-AA-starred, 184-bedroom Berkeley hotel in Knightsbridge are managed by the Maybourne Hotel Group. The group also includes Claridge's hotel in Mayfair.
Law firm Macfarlanes advised Constellation Hotels on the loan, which was arranged by Citigroup, and provided by a consortium of lenders including Germany-based Pfandbrief bank, a UK investment manager and a UK-based debt fund.
The Macfarlanes team was led by real estate finance partner Colin Morgan alongside senior counsel Laura Bretherton and solicitor Christine Dowdall.
Morgan said: "We are delighted to have advised Constellation Hotels on the refinancing of these two iconic hotels particularly given the challenges presented by the current environment. Constellation Hotels has been a client of the firm for many years so we were proud to support them through this successful refinancing process at this time."