Bricks group, with the help of RCP Finance, has secured a £29 million debt facility to assist with the completion of the first hotel at Silverstone Race Circuit in Towcester, Northamptonshire.
RCP finance, a European property finance specialist, oversaw the facility, with real estate development finance lender EVH finance covering £20.8 million of the facility, and investment management firm Banor Capital covering the remaining £8.2 million.
Bricks Group has invested £11 million of equity using this funding into the new Hilton Garden Inn hotel, which overlooks the start/finish line and the pit lanes of the track.
The hotel will be five storeys, with 197 guest rooms and suites, a 200-person rooftop terrace bar and will provide race day hospitality with its views over the final straight.
Christopher Koi, managing director of RCP Finance said “This was a complex and challenging loan to arrange and demonstrates our creative approach, market knowledge and wide sector experience in property lending. The hotel will be a significant addition to one of Europe’s leading sports and leisure destinations. At RCP Finance, we’re thrilled to be involved with such an iconic scheme in the birthplace of British motor racing, and we all look forward to continuing our long-standing relationship with Bricks Group, one of the premier hospitality developers in the UK.”
Peter Prickett, chief executive officer of Bricks Group said “This is a once in a lifetime opportunity to develop an asset in such an iconic location and brand. This hotel complements and enhances the ambitions of Silverstone circuits. Working closely with our friends at Hilton we are super excited about providing world-class hospitality for all. RCP, EVH and Banor have been great to work with and we look forward to completing more deals together in the future.”
Pre pandemic, the circuit welcomed over a million visitors each year, and projections hope to double that with non-race day attractions. It is hoped the non-race day attractions will attract people year-round, including those on business, event organisers, and weekenders wanting a more unique place to stay, with the hotel also having direct links to the Silverstone Wing Conference Centre, which has space for 3000 people and 12,500 square metres of events space.
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