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Refinancing of Le Manoir is agreed with Barclays

27 August 2013 by
Refinancing of Le Manoir is agreed with Barclays

Luxury group, Orient-Express Hotels, has completed a €30m (£25.8m) refinancing with Barclays of two of its hotels, Le Manoir aux Quat'Saisons in Great Milton, Oxfordshire, and Reid's Palace in Funchal, Madeira.

Established in 1984 by Raymond Blanc and the holder of two-Michelin stars, Le Manoir today has 32 bedrooms, a cookery school and a renowned kitchen garden, while the five-star Reid's Palace has 128 bedrooms and 35 suites.

Orient-Express acquired a majority stake in Le Manoir from Sir Richard Branson's Virgin Hotels for £27.5m, in a deal that included a 50% holding in Le Petit Blanc.

Blanc is a vice-president of Orient-Express Hotels, which operates 45 hotel, cruise, train and restaurant businesses.

Tim Helliwell, head of hotel finance at Barclays, said the bank's long-standing relationship with the Orient-Express Hotels has helped the new facility to be agreed.

Meanwhile, Martin O'Grady, chief financial officer, Orient-Express Hotels, said: "We appreciate the continued support we receive from Barclays and are pleased to have worked with them to successfully complete the refinancing of these two important European properties. Their confidence reflects the quality of these assets and the ability of our operations to deliver a strong return on investment."

Caterer and Hotelkeeper: Raymond Blanc, Le Manoir aux Quat'Saisons >>

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