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Irish Hotel Operator Secures €70M Refinancing


Real estate investment manager Barings has teamed up with Fairfield Real Estate Finance to back a €70M hotel refinancing facility.

The investors have provided a €70.125M investment facility to the JMK Group secured against the Holiday Inn Dublin Airport hotel. The financing represents a 62.5% loan-to-value ratio.

The 421-bed hotel was developed by JMK Group and opened in 2021. The investment loan refinances the existing development facility provided by FREF to fund the construction of the hotel. Barings and FREF, which provided a senior loan and a junior loan, respectively, agreed to the facility for a four-year term.

The syndication of the loan was arranged by Brotherton, which brought Barings into the facility as the senior lender. The loan marks the latest in Barings’ real estate debt activity in Ireland, having entered the core western European country’s logistics market late last year with two loans worth a total of around €225M.

"With our real estate debt activity in Europe continuing to grow, adding this loan secured against such a well-located asset in Ireland is the latest addition to our portfolio,” Barings Head of Europe Real Estate Origination Managing Director Chris Bates said. “As our loan book expands, we’re eager to identify further investment opportunities.”

The refinancing deal comes a week after UK insurance giant Aviva Investors snapped up a prime Dublin docklands hotel site that is pre-let to operator Premier Inn. Aviva acquired the hotel on behalf of its European Real Estate Long Income Fund.