Shiva Hotels Group, a U.K.-focused hotel owner and manager, has secured a £230 million (€251million/$283 million) development financing package from Cale Street Investments and Crosstree Real Estate Partners to fund the construction, through to completion, of its 199-key luxury lifestyle hotel in Marylebone, London. Agreed during the COVID-19 pandemic, the transaction represents one of the largest recent development facilities for a Central London hotel.
Cale Street is providing £160 million (€175 million/$197 million) and Crosstree £70 million (€77 million/$86 million) of the initial four-year facility, which has an option to extend and refinances an £80 million (€87 million/$98 million) loan that was in place with ICG Longbow. It represents the group’s first transaction with Cale Street and Crosstree.
Since acquiring the site, Shiva Hotels has worked closely with Westminster City Council and local interested parties to secure a planning consent for a
