The Birmingham office of global legal practice Squire Sanders has recently advised on two major refinancings for hotel chain Jurys Inn and Midlands developer IM Properties.

Irish hotel chain Jurys Inn has completed a financial restructuring that has written down some previous loans and introduced new equity of £120 million and put the company in a position to expand further.

The chain has 32 hotels located in cities throughout the UK, Ireland and the Czech Republic. Jurys Inn has two hotels in the Midlands, the newly refurbished 445 room site on Broad Street, the largest hotel in central Birmingham, and another venue in central Nottingham.

The Squire Sanders team, led by Real Estate partner Nick Green and associate Mohammed Alam, advised on the refinancing of 22 sites across the UK which involved the review and property due diligence necessary for all sites to satisfy the banks and investors together with related ancillary documentation.

Real Estate partner Melanie Williams and banking Senior Associate Roy Grist also recently led a Birmingham team acting for Lloyds Bank on the £82.8 million refinancing deal of Midlands property developer IM Properties.

IM Properties secured the refinancing deal on a portion of its UK property portfolio. Lloyds Banking Group structured the package which replaces IM’s existing facilities with Clydesdale Bank and Santander ahead of expiry.

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