Financing

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RBS providing debt toward acquisition of London's Athenaeum

Sir Richard Sutton Estates, which owns and manages both urban and rural estates, has reportedly secured financing from the Royal Bank of Scotland (RBS) to aid in the acquisition of the luxury Athenaeum Hotel on Piccadilly in the Mayfair area of central London.

According to UK's BDaily, RBS will make further funding available toward renovation of the hotel’s public areas, which is expected to start at the beginning of 2016.

Ralph Trustees Limited will reportedly continue to operate the Athenaeum Hotel going forward under a management agreement with SRSE.

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Christopher Lacey, managing director of SRSE, commented, "The RBS Hotels Team took time to understand our corporate strategy, which is to focus on our hotel and hospitality businesses, which along with farming form the principal future direction for SRSE. This understanding allowed RBS to deliver a banking package that suited our needs. Their deep hotel sector expertise means we look forward to working with them again as we seek to expand our activities in the sector."

Anthony Say, relationship director at RBS said, "We are delighted to have been able to support the Estate’s strategy of acquiring and operating hotel businesses, and to assist in funding meaningful enhancements to this prime London hotel asset. "We look forward to continuing to work with the business and seeing the next phase in the prestigious hotel’s evolution."