The north-east based Cairn Group has secured a £101m refinancing deal to enable it to expand its portfolio of 26 hotels and 30 bars and restaurants.
Secured with the help of HSBC and Mincoffs Solicitors, the new finance follows the company's latest acquisitions of the four-AA-star, 39-bedroom Stoke Place hotel in Stoke Poges, Buckinghamshire (pictured), and the 114-bedroom Ramadad Glasgow Airport hotel.
Cairn Group intends to use £50m of the new pot of money to buy more properties and enhance its existing portfolio.
Recent development for the company have included the launch of chef Theo Randall's first Theo's Simple Italian restaurant in the Hotel Indigo Kensington and a rebrand of the Bellhouse hotel in Beaconsfield, Buckinghamshire, to the Crowne Plaza Gerrards Cross.
Next month will see the opening of the group's Hotel Indigo Edinburgh Princes Street, which is currently undergoing a refurbishment and rebranding.
Having boosted its number of staff by 300 to 2,300 over the past year, the new finance will also help the company to further grow its workforce.
Tony Leech, area corporate director for the North East, added: "HSBC has been working with Cairn Group for over 15 years, so it has been very rewarding to see the company develop through our partnership. We look forward to continuing our longstanding relationship with the business and seeing the results of this funding package come to fruition."
The privately owned Cairn Group, which is based in Newcastle, previously received a £31.5m refinancing deal from HSBC in 2013. Its portfolio of hotels include a mix of properties operating under international brands including Best Western, Holiday Inn, Crowne Plaza, Hotel Indigo, Mercure and Ramada, as well as independent entities.
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