New trackside Hilton hotel at Silverstone Circuit with views over starting grid a step closer
Investment firms agree to £29m debt facility for developer
A trackside hotel overlooking the starting grid at Silverstone Circuit operated by Hilton is a step closer thanks to a £29 million investment.
Real estate development finance lender EVH Finance is covering £20.8 million of the debt facility and investment management firm Banor Capital has agreed to the remaining £8.2 million for the track's first onsite hotel.
Developer Bricks Group will use the funding to complete the Hilton Garden Inn Silverstone, having already invested £11 million in equity.
Christopher Khoi, managing director of RCP Finance, which arranged the investment, 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.”
The five-storey hotel will have 197 guest rooms and suites, a rooftop bar for up to 200 guests, and race-day hospitality facilities with views over the final straight - it is due to open in November.
Bricks Group chief executive Peter Prickett 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.”
It is hoped the new year-round hotel will appeal to business travellers, event organisers, weekenders or anyone seeking a unique and memorable place to stay.
A footbridge crosses over the circuit linking with the Silverstone Wing Conference Centre, which has space for 3,000 people and 12,500-sq-ms of events space.