Valary DTL Ltd, has secured an additional loan of £9.38m from Cynergy Bank, taking the total funding provided across the relationship to almost £24m.
Valary DTL Ltd, which forms part of the Valary Hotels Group, operates three hotels across the Midlands.
The loan will support Valary’s purchase of the Hilton Leicester which will benefit from investment across its facilities. The hotel will then operate as the Doubletree by Hilton. The Hilton Leicester is a 179-bedroom, four-star hotel located next to Fosse Park and junction 21 of the M1. The Hotel’s amenities include a bar, two restaurants, and eight meeting rooms, as well as a LivingWell Health Club.
The loan was provided to Valary DTL Limited with an initial 18 month interest only period before capital and interest payments commence over a 23.5 year repayment profile.
Rajiv Nathwani, CEO, Serani Hotels Group said: We are delighted to have completed the acquisition of Hilton Leicester, with the support of Cynergy Bank. We have developed an excellent relationship with Cynergy over the past couple of years, having concluded our first refinance together on the eve of Covid-19 in February 2020.
“Cynergy Bank has provided priceless support during both the pandemic and on the way out to help us achieve our growth ambitions. They have provided honest, appropriate and much valued banking expertise to our portfolio over the past two years and I’m certain this will be one of a long line of acquisitions that the Bank assists us with over the coming years.”
Steve Crosswell, Relationship Director, Cynergy Bank commented: “I’ve known Rajiv since we successfully completed on the re-finance of his Holiday Inn in South Normanton. During that time, we’ve developed a close and fruitful working relationship and its pleasing to have been able to support him once more. His first goal of reaching c.550 hotel rooms has now been achieved and I very
much look forward to working with him on the refurbishment of the Hilton Leicester into a Doubletree
by Hilton, and beyond.