Posted: 12th February 2021 | Share
“We understand that every business is different. That’s why we worked closely with the customer to understand the obstacles they were facing."
In mid-2020, Leumi UK partnered with Clydesdale Bank (part of Virgin Money) on a two-bank club deal with Crimson Hotels, the owner operator of 100 Queen’s Gate Hotel London, Curio Collection by Hilton, South Kensington. The deal involved the refinancing an existing lender and providing additional liquidity to Crimson Hotels.
This deal was structured during the height of the UK’s COVID-19 pandemic restrictions. Providing additional liquidity to operating hotels is a core part of what we do at Leumi UK. As champions of the industry, we were keen to build the right solution to support the customer in what remains a challenging environment for the hospitality sector.
100 Queen’s Gate, part of Hilton’s Curio Collection, is located right in the heart of the historic area of Kensington, West London. The luxurious former townhouse features 90 guest bedrooms and a newly refurbished bar and restaurant facilities.
The facilities we were able to provide alongside Clydesdale Bank have been tailored to support the needs of the business to ensure its resilience as the pandemic situation progresses and that the management team has the flexibility to navigate the challenges ahead.
“We understand that every business is different. That’s why we worked closely with the customer to understand the obstacles they were facing,” says Stephen Welch, Senior Relationship Manager, Hotel Finance at Leumi UK.
“Rather than offering fixed, rigid financing products, we provide actual solutions to address the needs of our customers. This means we can better serve businesses as trusted financial partners for the UK’s hotel sector, which is particularly important as the industry prepares for recovery following these trying times.”
Aly Kassam, CEO of Crimson Hotels, adds: “We are grateful for the support received from both Leumi UK and Clydesdale Bank as we navigate the challenges presented to us during the coronavirus pandemic. This facility provides an additional financial boost to ensure the hotel can continue to provide the exceptional standard of service our guests expect, and was tailored to suit the specific working needs of our business.”