Castlelake, L.P. (“Castlelake”), a global alternative investment manager specializing in asset-based private credit investments, today announced it provided a mortgage-secured subordinated loan to refinance a stabilized portfolio of 17 hotel assets owned by Prosper Cap and located across 15 cities in the United Kingdom. Castlelake funded the loan alongside AllianceBernstein (“AB”), an existing capital partner.
The assets in the portfolio include hotels operating under Hilton, IHG and Marriott brands and are located in key regional cities such as Manchester, Liverpool, Leeds, Nottingham and Glasgow.
“Since establishing its presence in Europe in 2006, Castlelake has been an active investor across real estate property types and has executed numerous credit investments in hospitality assets,” said Eduardo D’Alessandro, Partner at Castlelake. “This transaction is an example of the asset-based private credit solutions that we can provide to borrowers across Europe and the exposure we can deliver to investors.”
The transaction follows a €489m whole loan solution provided to a significant social infrastructure property company in the Nordic region. Since its inception, Castlelake has invested more than €7 billion in the acquisition or financing of more than 8,000 assets across 18 European countries.
Taylor Wessing advised Castlelake on the transaction.
About Castlelake
Castlelake, L.P. is a global alternative investment manager focused on asset-based investments. Founded in 2005, Castlelake manages approximately $24 billion of assets on behalf of a diversified global investor base. The Castlelake team comprises more than 220 experienced professionals, including 80 investment professionals, across seven offices in North America, Europe and Asia. For more information, please visit www.castlelake.com.