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07 March 2016 | Hotel Mortgages

Christie Finance secure finance for Lancashire hotel of the year

Christie Finance, the specialist commercial mortgage broker, has recently assisted an experienced hotel and property entrepreneur with raising finance to purchase Astley Bank Hotel in Lancashire.

The hotel is a stunning example of a 19th Century Manor House, surrounded by 2.5 acres of beautiful grounds and gardens. A popular hotel and conference venue, it has been family owned since 1997 and earned a reputation as one of the premier hotels in the North West, winning the Lancashire Life “Hotel of the Year” Award.

In the last couple of years the hotel has undergone refurbishment of its restaurant and banqueting room resulting in a growth in trade.

Our client, Alan Ezekiel & his wife, Sook, were looking to return to the UK from South Korea for a hotel opportunity. They considered various hotels around the country before deciding that the Astley Bank Hotel was exactly the type of hotel that they were looking for.

David Ward, Director at Christie Finance, supported Alan & Sook with finding the right funding to meet their requirements. Alan was often visiting abroad, so David helped manage every aspect of the transaction to secure the business, even driving over 100 miles to view the business on Alan’s behalf to place the initial offer.
Following the valuation, the deal faced a number of hurdles but with David’s persistence and the expert legal counsel of Monica Macheng of Wright Hassall Solicitors, David was able to secure a competitive deal from a High Street Bank, to enable Alan & Sook to complete the purchase.

Alan said: “Yes there were many hurdles to cross in the purchasing process, but it has all been worth it in the end. Astley Bank Hotel has been one of the finest hotel establishments in Darwen for the past 19 years, under the stewardship of Nigel and Helen Aincow, excelling in its wedding, conferencing and corporate business.”

David commented: “I am delighted to have worked with Alan & Sook to secure the acquisition of Astley Bank Hotel and assist with the entire process, whilst our clients relocated to the UK. I am confident that the business will continue to flourish under Alan & Sook’s ownership.”

Christie Finance has seen a growing number of hotel opportunities coming to market, which has coincided with increasing lender confidence in the sector, leading to Christie Finance securing finance terms from over 20 different lenders in the last 12 months.