UK-based extended stay hospitality specialist Edyn has secured an additional £105 million in debt funding from Blackstone Mortgage Trust and KSL Capital Partners’ European Capital Solutions platform. Edyn has now borrowed £300 million in total from Blackstone and KSL. The new funds are in addition to a £195 million multi-asset debt facility agreed last year with the two lenders.
The facility was originally established to support the acquisition and development of five new Locke and Cove projects across Europe. The latest deal will further support Edyn’s expansion, the company said in a statement.
The new funding will directly support the development of two new properties in Zurich and Lisbon (pictured) as the company accelerates the growth of its European portfolio and establishes its brands on the Continent.
Edyn has acquired the Hotel Ascot in Zurich, a six-floor, 3,700 sq m property to be converted to Locke – a design-led aparthotel brand – which will open in 2023 and have 80 rooms and amenities including a restaurant, bar, and coffee shop.
The Lisbon asset (pictured) is a 21,090 sq m converted historic convent, located close to Avenida da Liberdade in the city centre. It too is part of the Locke brand and is scheduled to open in 2023. With 369 rooms it will be the largest Locke to date and also includes two restaurants, three cocktail bars, a café and co-working space, a swimming pool, courtyards, a gym and meeting rooms.
“We are excited to grow our relationship with Blackstone and KSL ECS, who have been supportive partners as we focus on driving forward our ambitious strategy for Edyn and its brands,” said Edyn investment director Merzak Kaddour. “Both bring significant experience and sector expertise, along with deep knowledge of the European market.”