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 Ian Corfield and Simon Baggs of FRP Advisory were appointed as joint administrators and Mishcon were appointed to advise on the sale.
The Mishcon team was led by Paul McLoughlin, Partner in Restructuring and Real Estate Finance, alongside Nick Strutt, Roya Zohrabi, Gareth Jamieson and Sophia Andronikou. Hannah Naji, Jenna Oppong, and Venessa Toofanny worked on the Real Estate aspects, whilst Troy Featherstone and Beth Hitchcock handled the Corporate elements of the deal. The deal also involved Charles Jordan from the Construction team, and Jessica Williams from the Insolvency team.
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."