Scottish arm of Barclays aids London hotel revamp

Sofitel London St James is a 5-star hotel. Picture: Contributed
Sofitel London St James is a 5-star hotel. Picture: Contributed
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Sofitel London St James, a 5-star hotel located in the heart of the UK capital, has secured a £45 million funding package from Barclays’ corporate banking team in Scotland.

The funds will be used to renovate the hotel’s guest suites within its neoclassical, listed building, in addition to refinancing an existing arrangement.

The deal follows subsidiary company, St Andrew Square Hotel, securing a £5m term loan from Barclays in 2015 to support development. It is the latest in a number of deals which has seen the banking giant provide support to the hospitality and leisure sector to fund growth.

The deal team was led by Paul Smith, corporate development director, Barclays, Scotland, and Yasmin Nabi, director, debt finance, Scotland.

Smith said: “We have worked closely with Barclays’ hospitality and leisure team in London to understand the subtle differences between the hotel markets in both capitals to create the right package, drawing on the company’s strong market position.”