MIAMI, March 1, 2021 /PRNewswire/ -- Starwood
Capital Group ("Starwood Capital"), a global private investment
firm focused on real estate and energy investments, today
announced it has originated a £1.8bn Term Loan as Mandated
Lead Arrangers to Blackstone Capital Partners ("BCP") and
Blackstone Real Estate Partners ("BREP") for the acquisition of
Bourne Leisure, a premier UK holiday company.
Starwood Capital will hold £720m split evenly between two of its
investment vehicles, Starwood Real Estate Income Trust, Inc.
("SREIT"), a non-traded REIT managed by Starwood REIT Advisors,
L.L.C., a subsidiary of Starwood Capital, and Starwood Property
Trust, Inc. (NYSE: STWD).
Bourne Leisure is the largest provider of caravan holidays and
holiday home ownership in the U.K., operating three well-known
brands — Haven, Butlin's and Warner Leisure Hotels. The company
employs over 16,000 team members, hosts 25,000 holiday home owners,
and attracts 4.5 million guests to 56 sites across the UK every
year.
"Starwood Capital has over 20 years of experience investing in
Europe and we believe in the
long-term growth opportunities in the UK. We expect to see a
resurgence in the UK domestic leisure sector in the post-COVID lock
down environment and are thrilled to participate in an investment
that not only benefits our investors, but also supports the
recovery of a COVID-impacted industry and the local economies that
are tied to it," said Lorcain Egan, Managing Director – Head of
International Loan Originations, at Starwood Capital. "We are also
pleased to provide this financing to Blackstone, who has a proven
investment track record in the wider hospitality, travel and
leisure sectors. This transaction is in line with our strategy of
providing large loan financings across major real estate asset
classes."
This will be the first European investment, and the first debt
investment into SREIT. "We are very excited about this investment
for SREIT because it provides strong risk adjusted returns,
geographic diversification and steady, predictable cash flows for
our investors. For example, site fees from Haven's caravan
business, something equivalent to recreational vehicle parks in the
U.S., represent approximately 50% of the value and provide that
stable, recurring income stream we look for," said John McCarthy, CEO of SREIT.
"Starwood Property Trust is pleased to participate in this
investment alongside SREIT. As the largest Commercial Mortgage REIT
in the U.S, with over $36B of loans
originated since our inception, Starwood Property Trust is
optimally positioned to source and underwriting large floating-rate
loans to high quality borrowers. We believe this loan, to a repeat
sponsor, represents a very attractive risk-adjusted return for our
shareholders," stated Jeffrey
DiModica, President of Starwood Property Trust.
About Starwood Real Estate Income Trust
Starwood Real Estate Income Trust, Inc. is a perpetual-life,
monthly NAV REIT that directly invests in high quality, stabilized,
income-producing real estate. SREIT is managed by Starwood REIT
Advisors L.L.C., a subsidiary of Starwood Capital Group. For more
information, please visit our website at www.starwoodnav.reit.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), is a leading diversified
finance company with a core focus on the real estate and
infrastructure sectors. An affiliate of global private investment
firm Starwood Capital Group, the Company has successfully deployed
over $66 billion of capital since
inception and manages a portfolio of over $18 billion across debt and equity investments.
Starwood Property Trust's investment objective is to generate
attractive and stable returns for shareholders, primarily through
dividends, by leveraging a premiere global organization to identify
and execute on the best risk adjusted returning investments across
its target assets. Additional information can be found at
www.starwoodpropertytrust.com.
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core
focus on global real estate, energy infrastructure and oil &
gas. The Firm and its affiliates maintain 16 offices in seven
countries around the world, and currently have approximately 4,100
employees. Since its inception in 1991, Starwood Capital Group has
raised over $55 billion of equity capital, and currently
has in excess of $70 billion of assets under management.
The Firm has invested in virtually every category of real estate on
a global basis, opportunistically shifting asset classes,
geographies and positions in the capital stack as it perceives
risk/reward dynamics to be evolving. Over the past 29 years,
Starwood Capital Group and its affiliates have successfully
executed an investment strategy that involves building enterprises
in both the private and public markets. Additional information can
be found at starwoodcapital.com.
Tom Johnson
tbj@abmac.com
+1 212 371 5999
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SOURCE Starwood Capital Group