Mishcon de Reya has advised FRP Advisory on the £59 million sale and restructuring of the Hilton Garden Inn, Silverstone to Banor Capital.
The 197-bedroom hotel which overlooks the famous Hamilton Straight section of the Silverstone racetrack was developed by Bricks Capital over a number of years with funding from multiple lenders. The hotel successfully opened in July 2023 with Hilton as its operator. The Bricks Capital property owning vehicles fell into administration in August, with Ian Corfield and Simon Baggs of FRP Advisory appointed as joint administrators and Mishcon appointed to advise on the sale.
The Mishcon team was led by Paul McLoughlin, Partner in Restructuring and Real Estate Finance, Venessa Toofanny, Of Counsel in Commercial Real Estate and Troy Featherstone, Managing Associate in Corporate. The wider Mishcon team comprised of Hannah Naji and Jenna Oppong (Real Estate), Beth Hitchcock (Corporate), Nick Strutt, Roya Zohrabi, Gareth Jamieson and Sophia Andronikou (Real Estate Finance), Charles Jordan (Construction) and Jessica Williams (Insolvency).
Paul McLoughlin commented: "It was a pleasure to work once again with Ian and Simon and the wider FRP team on this transaction and help them deliver for creditors. This transaction was another great example of the full-service capacity of the Mishcon team as it utilised our extensive expertise across restructuring, real estate, hotels, corporate, debt finance and tax. We look forward to such a unique asset enjoying a successful future under new ownership with a strong capital structure."