Ext.-Stay Co. Edyn Secures Debt Funding, Plans Expansion

London-based extended-stay lodging company Edyn has secured £105 million in debt facility funding from Blackstone Mortgage Trust and KSL Capital Partners’ European Capital Solutions platform, the company announced Wednesday. With the £195 million provided by the same companies last September, Edyn has secured £300 million in debt facility funding altogether.

The Edyn Group, which is owned by Toronto-based Brookfield Asset Management, has created two apartment brands, Cove and Locke, to address different extended-stay markets, business and leisure, and seeks to expand them throughout the U.K. and Europe. With the original funding, the group was acquiring and developing five properties: Cove Centrum in The Hague; Bermonds Locke, Buckle Street Studios by Locke and Cove Landmark Pinnacle, all based in London; and the Turing Locke/Hyatt Centric in Cambridge.

With the latest infusion, Edyn said it would convert Zurich’s former Hotel Ascot as well as a historic Portuguese convent in Lisbon.

Brookfield in January sold a portfolio of 111 WoodSpring Suites for about $1.5 billion to Blackstone Real Estate Partners and Starwood Group.

Terri Hardin www.businesstravelnews.com