Shiva Hotels to renovate London’s BoTree hotel

Shiva Hotels Invests £300M to Elevate The BoTree London’s Luxury Experience

UK-BASED SHIVA HOTELS, led by founder and CEO Rishi Sachdev, recently secured $372 million, or £300 million, to renovate its five-star luxury hotel, The BoTree in Marylebone, London. The 199-room hotel, built for £375 million and opened in 2023, is part of Shiva Hotels' Place III Hotels brand.

London-based BlueWater Capital provided a £170 million senior loan, while NorthWall Capital provided a £140 million secured facility, Shiva Hotels said in a statement.

Sachdev said investors were drawn to the hotel’s prime Marylebone location and its “future potential.”

“[That], coupled with the hotel sector’s continued growth, saw us generate interest from a deep pool of funders keen to support us on this transaction,” he said. “We have remained patient, however, and have chosen two like-minded counterparties with the track record and expertise to support us on the next stage of our journey.”

The BoTree was listed for sale in October 2024 as lenders Cale Street Partners and Crosstree Capital Partners sought to recover £275 million, according to The Caterer. The new deal refinanced their existing loan.

The BoTree’s refinancing is Europe’s largest single-asset hotel refinancing since the pandemic, the statement said. The firm secured the financing on “competitive terms.” The BoTree’s next renovation phase includes a rooftop pool and bar, a fitness and wellness area, and additional private dining and meeting space.

Alexander Garnier, NorthWall's founding partner and portfolio manager, emphasized the deal’s significance in the evolving private credit market.

“This partnership underscores NorthWall’s ability to deliver tailored capital solutions with speed and certainty,” he said. “This transaction aligns with our strategy to finance top-tier businesses and assets, further reinforcing NorthWall’s leadership in the alternative credit market, amid increasing opportunities as banks scale back in private credit.”

Previously, Shiva Hotels owned or managed a 2,000-room-plus franchised portfolio across Best Western, Hilton, IHG, Marriott, Ramada and Wyndham. One of its first projects, Hampton by Hilton London Waterloo, London’s first Hampton by Hilton, was sold in 2017.

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