Hospitality

Mainly hotels, plus select resorts and serviced-accommodation assets run by an established operator with a proven trading record.

The market

A hotel is an operating business built on real estate, and we underwrite both sides. Occupancy, average rate, trading history, the calibre of brand or management agreement and local demand all feed into our credit view.

We fund acquisition, refurbishment and repositioning where the operator has a track record and the asset's underlying worth gives a floor value independent of how trading performs.

Facilities carry covenants tied both to operating performance and to valuation, with defined escalation steps if results fall short of plan.

How we underwrite it