Debt restructure for QHotels portfolio
Real estate investment company Aprirose and Beijing-based international private equity firm Cindat Capital Management have agreed a debt restructure with their lending club for the QHotels portfolio.
The international joint venture acquired the chain of UK regional hotels from Bain Capital Credit and Canyon Partners in 2017, before selling off the Midland hotel in Manchester, Mottram Hall in Cheshire and Bridgewood Manor in Chatham, Kent.
The portfolio now comprises 20 country house, hotel and spa assets, including Oulton Hall in Yorkshire and Slaley Hall hotel and luxury golf resort (pictured) in Northumberland.
Bernard Van der Lande, managing director of Cindat, said: "As judicious stewards of a diverse portfolio of global investments, we have conviction in the lodging industry's recovery, and are very invested in our partners, management platform, and this portfolio of hotels that employs so many hard-working people across the UK."
Manish Gudka, chief executive of Aprirose, said: "We are very pleased with this outcome and the support we have received from Cindat and our banks who share our confidence in both the assets and the future market conditions.
"We believe the market is set for huge staycation growth, while at the same time anticipating significant growth in conference and events business of a new kind where businesses make up for lost collaboration and fewer days in the office in the future by getting staff together more regularly. The assets in this portfolio are well placed to capitalise on this trend."
