Serviced apartment operator edyn has raised another £105 million in funding to help pay for new Locke developments.
The company has raised the money to fund Locke’s further expansion, with two sites in Zurich and Lisbon due to open in 2023. The Locke brand is set to open six properties across Europe over the next two years.
The extra money has been secured through debt funding from Blackstone Mortgage Trust and KSL Capital Partners’ European Capital Solutions (KSL ECS).
Merzak Kaddour, investment director at edyn, said: “We are excited to grow our relationship with Blackstone and KSL ECS, who have been supportive partners as we focus on driving forward our ambitious strategy for edyn and its brands.
“Both bring significant experience and sector expertise, along with deep knowledge of the European market. We look forward to building our partnership with them in the years to come.”
Last month, edyn announced the acquisition of Hotel Ascot in Zurich. It will be converted into a Locke property opening in 2023.
The Lisbon development is the conversion of a historic Portuguese convent, located close to Avenida da Liberdade in the city centre, which is also scheduled to open next year.