Puma Property Finance provides development facility for £23m hotel

Puma Property Finance has completed a development facility to fund a £23m GDV 150-bed Hampton by Hilton hotel in High Wycombe, Buckinghamshire.

The six-storey project is scheduled to complete in April 2021, and is set to be a landmark feature in the town’s new £150m Handy Cross Hub development.

The hotel will be visible from passing traffic on the M40 and its guests will have easy access to a range of amenities in the mixed-use development.

Puma has funded other Hampton by Hilton hotels, including a 240-bed scheme at Edinburgh Airport completed last year, and a 140-bed hotel in Ashford, announced in January 2020.

Kevin Davidson, managing director at Puma Property Finance, said: “We are delighted to provide funding for this primely-located hotel scheme to a highly experienced developer/operator, at a time of huge uncertainty for the hotel sector. 

“This latest deal reflects our commitment to backing experienced developers with well-located schemes across all property sectors. 

“This was a great effort from the professional teams of all parties involved, with special thanks to Voltaire Financial for introducing this deal.”

Dorothée Dembiermont, co-founder of Voltaire Financial, commented: “I have had the pleasure of representing the developer, Handy Cross DevCo, and to close this deal during the lockdown period is testament to the professionalism of those involved on all sides. 

“The combination of a highly experienced borrower, robust management company (Legacy Hotels & Resorts) and worldwide recognised brand, as well as a strong location, enabled the transaction to remain unchanged, despite Covid-19.

“By the time the finished hotel opens for business, we are confident trading conditions will be favourable again.

“Voltaire is also pleased to complete another transaction with Kevin and his team at Puma with whom we have built a superb working relationship.”

Puma closed more than £200m in loans during 2019 and continues to increase its lending activity in both deal volume and size.

It delivers development loans from £5m-35m to finance residential, commercial and specialist sector projects such as hotels, student accommodation and healthcare, care homes and retirement living.

It offers stretched senior development loans; pre-development bridging finance for site acquisitions; and post-development exit finance.

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