Clydesdale Bank backs refinancing of hotel group

The UK arm of hotels group QMH has undergone a senior debt refinancing backed by Clydesdale Bank Corporate & Structured Finance (CSF).

Matt Rosenberg (CFO) commented: "We are delighted to have completed this refinancing with Clydesdale Bank and look forward to developing the relationship further over the coming years. We found Clydesdale's approach both flexible and personal and they remained extremely supportive throughout the whole transaction."

CSF acted as lead arranger for the deal and the team included Minesh Patel, Tim Cussins and Ian George of Clydesdale Bank CSF in London.

Minesh Patel commented: "QMH Group is a mature hotel group with strong international brands located in areas of high demand. The group has a highly experienced management team and has made significant investment to ensure its hotels maintain a fresh contemporary appeal. These factors have helped it to outperform its competitors in recent years in terms of both occupancy and revenue.

"We have been in discussions with the company for over six months during which time we have built a strong relationship with both the sponsors and management team. As a result we've been able to create a tailor-made solution for their needs which will include term facilities, treasury and operational banking products. This transaction is a strong example of Clydesdale Bank's growing presence in the UK corporate market and we continue to be open for the right deals."

Hotels included in the deal are Crowne Plazas in Chester, Nottingham and Glasgow; Holiday Inns in Stratford-upon-Avon, Plymouth, Harrogate, Newcastle, Peterborough West, Doncaster, Solihull, Manchester Airport and Luton South; and Best Westerns in Reading and Gatwick.