Starboard Hotels secures refinancing deal as business eyes expansion

Starboard Hotels has acquired its second London property for an undisclosed sum following a seven-year refinancing deal.

The hotel owner and operator has added the Bridge Hotel in Greenford, west London, to its portfolio of 21 hotels across the world from brands such as Hilton, IHG, Accor and Best Western through funds from OakNorth Bank.

Its portfolio includes the Holiday Inn Express Greenock, near Glasgow, and the Days Inn Wetherby.

The agreed loan will support 18 Starboard Hotels and lead to further investment in the company's existing UK-wide portfolio to enable expansion in the coming years.

Starboard Hotels also has unbranded properties such as the Cliffden Hotel in Devon, as well as 28 Pizza Hut delivery stores under franchise from Yum!.

The group announced the refurbishment and 42-bedroom extension of Ibis Gatwick and the 28-room extension of the Holiday Inn Derby Riverlights.

Paul Callingham, founder and chief executive of Starboard Hotels, said: "We are incredibly energised and excited for the future with clear ambitions to grow the Starboard business.

"We are also pleased to have secured this important restructuring, which enables us to unlock the potential for future growth as the hotel sector moves towards recovering from the effects of the global pandemic.

He added: "The company is in a strong position for expansion and the refinancing enhances our ability to reinvest in our existing properties, as well as acquiring hotels in locations throughout the country."

The deal was supported by real estate specialists Savills, who carried out the valuations with commercial law specialists DWF LLP acting as advisors to Starboard Hotels.