DLA Piper has advised Aareal Bank AG, as an arranger, agent, security agent and lender, on the provision of GBP275 million loan facility secured against two Hilton Hotels in Edinburgh and a third in Dublin.

The funds were used to refinance existing debt, whilst the two Edinburgh sites, Curio Collection Caledonian Edinburgh and Hilton Edinburgh Carlton will undergo extensive renovations, including extensions to guest rooms to elevate the guest experience.

Toby Barker, partner in DLA Piper’s Finance practice led a cross-practice team which comprised of lawyers from the firm’s offices in England, Scotland, Ireland, Luxembourg. Ogier acted on the Guernsey aspects and Cains in the Isle of Man. Toby was supported by Steve Edgecombe, Kathi Ó Riain, and Ian Doig (all partners, Real Estate), Matt Duncombe (partner, Intellectual Property and Technology), Luis Muñoz, Michael Graham, Matt Davies, Maureen Dineen and Duncan Lavelle (all partners, Tax), Allan Leal and Xavier Guzman (both partners, Finance), Eanna Mellett (partner, Corporate), Tamarra Calvert (partner, Employment).

Toby Barker commented: “This transaction is another significant financing for Aareal Bank with sponsor Henderson Park which we were delighted to advise on. The funding for the three Hilton sites, which have been visited by a range of celebrities and world leaders, will enable the operators to renovate and modernise their offering to ensure their competitive advantage is retained.”