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L&G completes first hotel loan

03 November 2014
L&G completes first hotel loan

Investment and insurance company Legal & General (L&G) has agreed a £37.5m, 10-year loan to Shiva Hotels, secured against the Hilton London Heathrow Airport Terminal 5 hotel.

Built in 2011, the hotel is operated by Shiva Hotels under a franchise agreement, signed with Hilton Worldwide in 2007, to develop 3,000 beds under a variety of Hilton brands by 2017.

Steve Boyle, real estate lending manager at Legal & General, commented: "This is L&G's first hotel lending transaction and offers up a high quality asset in an excellent location, run by an experienced operator.

"In 2014, we have lent in numerous sectors, including social housing, industrial, care homes and now hotels, and continue to strive to broaden our horizons in other sectors, as well as being keen to lend further in traditional commercial areas."

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TagsFinance and Hotels
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