Maybourne Hotel Group Completes Its Planned Refinancing and Maintains Focus on Its Iconic Assets and

Maybourne Hotel Group Completes Its Planned Refinancing and Maintains Focus on Its Iconic Assets and Their Leading Position among the World's Finest Hotels

LONDON--(BUSINESS WIRE)-- London based Maybourne Hotel Group is pleased to announce that today it successfully completed its planned refinancing by signing £547 million in five year debt facilities lead arranged by Blackstone Real Estate Debt Strategies (BREDS). This follows the rights issue of £145 million successfully concluded earlier in the week with the existing shareholders. This enables the group to repay its current £660 million loan facility and provides an appropriate and stable capital base for the group to continue to invest in its world class hotels - Claridge's, the Connaught and the Berkeley.


BREDS worked very closely with lead banks Bank of America Merrill Lynch (BAML), the Royal Bank of Canada (RBC) and Wells Fargo Bank (Wells) who co-arranged and underwrote the £400 million senior facility. The £147 million mezzanine loan was underwritten by Blackstone and funded in partnership with RBC and Starwood Capital.

Stephen Alden, CEO of Maybourne Hotel Group commented: "We are delighted to have completed a complex refinancing in challenging market conditions before year end. Our own team, the Board, our advisors and the lending group have worked extremely hard - and in close collaboration - to achieve this excellent result. It places us in an ideal position to realize our capital investment strategy and thus to maintain our leadership among the world's finest hotels."

Joe Pedlow, Managing Director of BREDS said: "We are proud to have been selected to lead this financing and to have delivered what we believe is an outstanding debt package for the group, particularly in the context of an illiquid debt market and a tight timeframe. This transaction was delivered because of the quality of the assets, the strength of the management team and the commitment of the lenders. It has been a tremendous team effort and we look forward to working with the company in the coming years."

Maybourne Hotel Group was advised by Alvarez & Marsal LLP, Eastdil Secured and DLA Piper. Robin Priest, Managing Director of Alvarez & Marsal, added: "This refinancing provides an excellent foundation for the company's future. It has been a pleasure to work with the company, the Board, the lenders and the advisory group to deliver this result."

About Maybourne Hotel Group

Maybourne Hotel Group whose headquarters is in Mayfair, London, owns and manages Claridge's, the Connaught and the Berkeley, three of the world's most renowned hotels. Maybourne hotels are committed to delivering authentic and unique guest experiences that reflect the individual nature of its hotels, its guests and its people whilst maintaining a timeless elegance and intuitive service style that are the hallmarks of its properties.
www.maybourne.com

About Blackstone

Blackstone is one of the world's leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.

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For Maybourne Hotel Group:
Paula Fitzherbert, 020-7201-1607
pfitzherbert@the-berkeley.co.uk
or
For Blackstone:
Christine Anderson, 917-697-8795
Christine.anderson@blackstone.com

KEYWORDS:   United Kingdom  United States  Europe  North America  New York

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