Barclays finances Firmdale Hotels’ next growth phase 20 Dec 2011 11:01 The facility includes the provision of funding specifically for new developments, including finance for Firmdale’s latest project, comprising a 92 bedroom boutique hotel, 23 residential apartments and 12 retail units at the prestigious Ham Yard site, located just a short distance from Piccadilly Circus.Barclays has also agreed to refinance all Firmdale’s existing facilities for a term of three to five years, providing security of liquidity over this period.Ham Yard is well into its development, and on completion will join Firmdale’s six other luxury properties in the West End of London and one in New York. All of the properties are prime boutique hotels occupying central locations, with every room in every property styled uniquely, a trademark of the Group. Barclays has worked with Firmdale Hotels management for the past 14 years, and the bank’s Head of Hotel Finance, Tim Helliwell, led a specialist banking team in providing the funding lines.Commenting on completion of the deal, Tim Helliwell said:“Working with Firmdale since 1997, we have a keen understanding of how the Group has successfully carved out their place in the competitive London hotel market, and we were therefore able to work very closely with the company on a bilateral basis to provide their entire funding requirements.“The ongoing success of Firmdale during a challenging time for the sector generally is truly impressive, and we look forward to supporting the Group’s future growth ambitions.”Malcolm Soden, Finance Director, Firmdale Hotels, said:“As a hotel developer as well as operator our banking relationship is critically important to not only our existing business but also to our growth aspirations. Having already provided development finance for five of our hotels over the years, Barclays have once more stepped up to the plate and enabled our new Ham Yard development to progress. We value greatly long standing relationships where understanding and trust has been built over time and we consider our partnership with Barclays to be an excellent example of this”.