PMM REF has closed its most recent transaction, providing a three year £7.8m senior loan to AG and T&B Capital to refinance the Gara Rock hotel, a luxury retreat in Salcombe South Devon.
The Gara Rock hotel was relaunched in July 2018 with five star facilities including spa, private cinema, varying accommodation options and a fine dining focal point. Since the relaunch, the hotel has been awarded ‘Seaside Hotel of the Year’ by the Times in addition to being featured in the Guardian’s ’50 best hotels in the UK’.
Jasdeep Mudher of PMM REF commented:
“We are delighted to support Angelo Gordon/ T&B Capital in the refinance of Gara Rock. The property is superbly located on the Devon coast and offers guests a unique experience. We were further attracted to the transaction by the strength of the Sponsors, the management team and sound business plan. The facility fits with our strategy to support sponsors creating value through asset management.”
Alex Pope, T & B Capital commented:
“Gara Rock is part of a broader strategy by T&B Capital and property developers Bmor to invest in the U.K. holiday and short breaks market. We have a strong pipeline of diversified assets and look forward to introducing more exciting products to market under the Aria Resorts umbrella.”