Thai corp injects £17.5m to shore up UK hotel CMBS

By Tom Brown
17 Jun 2020

Thai conglomerate DTGO Corporation has injected £17.5m ($21.72m) of equity for its hotel-backed Magenta CMBS in exchange for default waivers, propping up the deal for the next six months until the Covid-19 pandemic hopefully subsides.

Goldman Sachs originally arranged the deal, which was the first CMBS to reference the Sonia benchmark, helping DTGO to purchase 17 regional hotels with the proceeds.

Approximately £4.55m will be paid into the operating account to cover operating expenses for June, while the remaining £12.95m will be ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial