Luxury hotel group Orient-Express Hotels, has completed a £25.8m refinancing with Barclays of two of its hotels, Le Manoir aux Quat’Saisons in Great Milton, Oxfordshire, its only UK property and Reid’s Palace in Funchal, Madeira.
Established in 1984 by Raymond Blanc, Le Manoir holds two-Michelin stars and consists of 32 bedrooms, a cookery school and a renowned kitchen garden. Orient-Express acquired a majority stake in Le Manoir from Sir Richard Branson’s Virgin Hotels for £27.5m, in a deal that included a 50% holding in Le Petit Blanc. Blanc is also a vice-president of Orient-Express Hotels.
Set on a private cliff and surrounded by subtropical gardens overlooking the ocean, Reid's has 35 suites and 128 bedrooms, and offers a range of fine and casual dining experiences across its five restaurants.
Tim Helliwell, Head of Hotel Finance at Barclays, said: 'Orient-Express Hotels has a long-standing relationship with Barclays and our understanding not only of their business, but of the industry, meant we were able to tailor a facility to meet their needs. Orient-Express Hotels has a fantastic collection of iconic assets, with a well-earned reputation across the globe, and it is its high standards which have ensured that demand and footfall have held firm over the years.'
Martin O'Grady, Chief Financial Officer, Orient-Express Hotels Ltd. said: 'We appreciate the continued support we receive from Barclays and are pleased to have worked with them to successfully complete the refinancing of these two important European properties. Their confidence reflects the quality of these assets and the ability of our operations to deliver a strong return on investment.'