Signal Capital, a UK real estate investment fund, is charging interest of 15 per cent on loans extended to a portfolio of hotels within the Press Up hospitality group.
At the end of 2022, Willow Impact, a subsidiary of the group, owed the Signal Alpha II fund €53.2 million, according to accounts just filed.
The so-called mezzanine debt was raised as part of a refinancing package for six Press Up properties, including the Dean hotels in Galway and Cork; the Devlin in Ranelagh, Dublin; the Glasson Lakehouse hotel and golf resort in Co Westmeath; and the Mayson hotel in Dublin’s docklands.
The sixth property is the new Leinster Hotel which Press Up is developing at the former Howl at the Moon site off Merrion Square.
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