Green refinancing for The Student Hotel
Deloitte assists with €310m green refinancing
Deloitte has assisted The Student Hotel in the €310m green refinancing of the Dutch hotel portfolio. The financing structure provides optimal flexibility to support the international roll-out of the international hotel group.
Refinancing the Dutch hotel portfolio
The Student Hotel mandated Deloitte to assist in the refinancing of the Dutch hotel portfolio.The 5 + 1 + 1 year €310m refinancing package comprises a €240m term loan, a €60m development RCF and a €10m guarantee line. In addition, the transaction includes a €100m accordion facility to enable further growth. The facility package refinances TSH’s bilateral bank facilities in the Netherlands. Moreover, the financing structure provides optimal flexibility to finance (international) projects to support the international roll-out.
Deloitte has led the refinancing process with (international) lenders, in order to obtain market leading terms and conditions. In the multi-track process, a senior bank club-deal proved to be the most attractive structure wherein two Dutch banks and one international bank participated.
Green and sustainable financing
The Student Hotel pursues a sustainable framework contributing to an improved social and ecological society. As such, TSH negotiated a clause linking pricing of the facility to TSH’s sustainable performance. Reduction in margin can be obtained when TSH meets its sustainable goals including the reduction of residual waste, decrease in energy use and hiring employees with poor employment prospects.
About The Student Hotel
The Student Hotel Group is an owner and operator of a full service hotel proposition, including a wine-and-dine F&B concept co-working facilities. The Company targets the “young at heart” being (international) students, young professionals and tourists. TSH offers modern fully-furnished rooms, with a large array of additional services enabling its guests to fully focus on their working or student life.
Started in 2007 by Charlie McGregor, the Company grew to ten operational hotels, with a further eight under development (a.o. Florence, Vienna, Dresden, Bologna, Berlin, Rome and Madrid). The goal is to operate 17,250 rooms in Europe by 2022, targeting, among others, an additional fifteen properties in Spain, Italy, Portugal, France, the United Kingdom and Germany. TSH is backed by shareholders Aermont Capital and APG.
About Deloitte Corporate Finance Debt & Capital Advisory
Deloitte is one of the leading Debt & Capital Advisors in the Netherlands and internationally with approximately 220 Debt & Capital professionals based in 31 countries including Europe, North America, Africa and Asia. Our expertise ranges from the provision of strategic advice on the optimum capital structure and available sources of finance through to the execution of raising debt. Completely independent from providers of finance – our objectives are fully aligned with those of our client.
Do you want to know more on real estate financing or hotel financing? Please contact Thomas Schouten at +31 (0)88 288 7926.