Silverstone’s first hotel receives financial support | Item
A £ 29million credit facility has been finalized which will enable the completion of the first-ever hotel at Silverstone, the world-famous Northamptonshire racecourse that hosts the British Formula 1 Grand Prix.
The gradual opening is expected to be one of the “most prestigious achievements” this year by Hilton Hotels and Resorts.
Bricks Group, a private developer, has invested £ 11million of equity and is using debt facility financing to complete the Hilton Garden Inn Silverstone in a position overlooking the start / finish line and pit lanes of the first UK motor racing circuit.
The £ 29million credit facility was overseen and arranged by RCP Finance, the pan-European property finance specialist, and included EVH Finance, the property development finance lender, covering £ 20.8million of the facility. , and Banor Capital, an investment management firm, accepting the remaining £ 8.2million.
The five-story hotel will have 197 rooms and suites, a rooftop bar for up to 200 people, and racing hospitality facilities with a view of the home stretch at full speed. Celebrity chef and car enthusiast James Martin will oversee the site’s meals.
Christopher Khoi, Managing Director of RCP Finance, said: “This was a complex and difficult loan to organize and demonstrates our creative approach, market knowledge and extensive experience in the mortgage industry. The hotel will be a significant addition to one of the leading sports and leisure destinations in Europe.
“At RCP Finance, we are delighted to be involved in such an iconic program in the birthplace of British motor racing, and we all look forward to continuing our long-standing relationship with Bricks Group, one of the premier hotel developers in the UK. . “
Peter Prickett, CEO of Bricks Group, said: “This is a unique opportunity to develop an asset in such an iconic place and brand. This hotel complements and reinforces the ambitions of the Silverstone circuits.
“By working closely with our friends at Hilton, we are delighted to provide world class hospitality to everyone. RCP, EVH and Banor have been great working with them and we look forward to making more deals together in the future.
Before the pandemic, the historic racing circuit welcomed more than a million visitors a year, with projections to double that figure with attractions off the race.
A walkway crosses the circuit connecting the Silverstone Wing Conference Center, which can accommodate 3,000 people and 12,500 square meters of event space, and will be enriched by the addition of the hotel to the circuit.