Qatari group receives refinancing for London hotel
Cohort Capital has provided a £73 million (€84 million/$89 million) facility to a Qatari-based group to refinance the five-star NoMad Hotel in Covent Garden, London, according to European outlets.
Bal Sohal, executive chairman at Cohort Capital, said in a Bridging and Commercial article, “Our private capital backing allows us to agree flexible debt structures for large loans where there is a credible sponsor, as is the case here. We are seeing much higher demand as high-street banks are increasingly offering unfavorable terms for refinancing or seeking to reduce their exposure to certain real estate sectors.”
The 91-bedroom boutique hotel completed a refurbishment program between 2018 and 2020, which 170,000 square feet space was dedicated to a hotel, restaurant, museum and bar. NoMad London opened the following year.