Apex Hotels secures £60m funding for rural expansion

Apex Hotels has secured a £60m refinancing package to support its expansion into rural locations.

The family-owned hotel group, which has eight city centre hotels, acquired its first countryside property, Pine Trees hotel in Pitlochry, last month through a financing agreement with Barclays.

Over the next few years, Apex Hotels will seek to invest and diversify its current portfolio at an accelerated pace, the group said.

Jamie Grant, managing director of Barclays corporate banking in Scotland, said: "Our hospitality and leisure expertise has meant that we have supported Apex Hotels with a high value finance package of £60m to help secure the purchase of Pine Trees hotel.

"As hospitality and leisure operators continue to invest in property, acquiring new venues and in much needed environmental upgrades, tailored finance packages and relevant experience are key to giving clients what they need, with the added benefit of advice and introductions to relevant contacts."

Angela Vickers, chief executive of Apex Hotels, added: "Barclays' refinancing package, as well as their hospitality industry expertise, will help to accelerate our ambitious growth plans, not only to support continued investment in our existing city centre hotels, but to help us build a more diverse portfolio across rural and urban locations throughout the UK.

"Demand for high-quality hotels in the UK has never been stronger. The acquisition of Pine Trees hotel kickstarts our growth strategy and the brand is perfectly positioned to capitalise on the tourism resurge by putting guests at the heart of everything we do."

Apex Hotels was founded by Scottish entrepreneur Norman Springford, who launched his first hotel in 1996 in Edinburgh's Old Town.

Image Credit: Apex Hotels