Owner of Edinburgh's Caledonian hotel secures £62m refinancing

The owner of Edinburgh's Caledonian hotel, Twenty14 Holdings, has secured a £62m refinancing package.

Lenders Topland and OakNorth bank have co-financed the facility. The 214-bedroom hotel is operated under Hilton's Waldorf Astoria brand and has been owned by Abu Dhabi-based Twenty14 Holdings since 2018, when it bought the property for £85m.

Sol Zakay, chief executive and executive chairman of Topland, said: "We have a long track record in the hotels sector, both at the flagship end and at mid-market level, and continue to believe in the fundamentals of this asset class. The right assets under the right management will be sure to bounce back as we emerge from the pandemic and, with significant cash reserves ready to deploy, we are keen to explore such opportunities across the capital stack."

Chef Dean Banks relaunched the Pompadour restaurant at the hotel last month.