Vivion - comment

Vivion now has the cash to repay the stub of the August 2024 SUNs. The company has taken a €150m (five-year) loan secured on the nine Hilton hotels, an LTV of 50% on the original 2019 purchase price of £246m. Overall, LTV in the UK portfolio is closer to 20%, with around €1.2bn in unencumbered hotel assets in the UK. Looking at the valuation of the UK portfolio indicates that there has not been an upward valuation since 2019. We do not have details of the cost of the loan, but management had said it would work within the ICR covenant on the most recent call. The next catalyst for Vivion will be securing the extension/refinance of the €190m of bank debt due in Golden Partners in Q4. Golden has adequate cash to repay the loans (if necessary, but would rather keep the money to pursue office acquisitions in Germany.

https://vivion.eu/vivion-completes-financing-on-hilton-portfolio/