LONDON (PRWEB UK) 12 March 2018
U.S. real estate firm Ashkenazy Acquisition Corp has closed on a new £55,000,000 mezzanine loan to refinance a portion of the debt on the Grosvenor House Hotel in London, a luxury 5-star hotel located in London’s Mayfair District.
The loan was provided by a joint-venture between U.S. based real estate investment manager Rexmark and South Korean fund manager KTB Asset Management. The joint-venture previously invested in multiple cities throughout the United States but this is the partnerships first endeavor in the United Kingdom.
Ashkenazy acquired the property in July of 2017 as part of a portfolio acquisition of trophy assets, however the debt was refinanced last week with a £435,000,000 syndication led by Citigroup. Terms of the debt were not disclosed.
New York based PD Properties advised KTB on the new mezzanine debt. A representative for PD Properties declined to comment on the transaction.
The Grosvenor House, a JW Marriott Hotel features 496 rooms and is located on London’s exclusive Park Lane overlooking Hyde Park. The hotel features six dining venues and 26 event rooms including The Great Room, the largest ballroom in London. The property was built in the 1920’s and opened in 1929 on the site of Grosvenor House, the former London residence of the Dukes of Westminster.