Hotel group Kew Green Hotels has completed a £140m re-financing exercise.
New financing has been secured through a syndicate of banks comprising Bank of Scotland Integrated Finance, Barclays and Lloyds TSB.
The company has replaced its existing facilities and secured additional funding to accelerate its refurbishment and extension construction programme to meet its new five-year business plan.
Jeremy Richardson, joint managing director of Kew Green Hotels, said the completion of the re-financing meant the company could continue its growth and take advantage of any "upcoming opportunities".
Jamie Lamb, Kew Green's finance director, added: "We are obviously delighted to have completed this deal, in what is a very difficult financial market. We are grateful to Bank of Scotland Integrated Finance, Barclays and Lloyds TSB for the support that they have demonstrated for the business and its management team and we look forward to working with them over the coming years."
Kew Green Hotels owns and operates 20 branded hotels in the UK. The hotels are operated under a variety of franchises from Intercontinental Hotels, Wyndham Worldwide and Marriott International.
The company is currently building a new 218 bedroom Courtyard by Marriott at Gatwick Airport which is due to open in March 2009, and has just been awarded a Management Contract to run the Goodwood Park hotel in East Sussex
The company was formed in 2001 by founding directors Jeremy Richardson and Paul Johnson and is backed by Moorfield Group and HBOS.
By Gemma Sharkey
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