{"id":566034,"date":"2021-05-24T13:53:45","date_gmt":"2021-05-24T13:53:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/24\/pickalbatros-hotels-secures-usd-23-mn-loan-from-vantage-capital\/"},"modified":"2021-05-24T13:53:45","modified_gmt":"2021-05-24T13:53:45","slug":"pickalbatros-hotels-secures-usd-23-mn-loan-from-vantage-capital","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/24\/pickalbatros-hotels-secures-usd-23-mn-loan-from-vantage-capital\/","title":{"rendered":"PickAlbatros Hotels secures USD 23 mn loan from Vantage Capital"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a><strong> Egypt-based <\/strong><strong><a href=\"https:\/\/www.pickalbatros.com\/\">PickAlbatros<\/a><\/strong><strong>Hotels has obtained USD 23 mn worth of mezzanine loan from <\/strong><strong>South African fund manager <\/strong><strong><a href=\"https:\/\/www.vantagecapital.co.za\/\">Vantage Capital<\/a><\/strong><strong>,<\/strong> according to a joint <a href=\"https:\/\/ent.news\/2021\/5\/Vantage-Capital-Invests-23m-in-PickAlbatros-Hotels.pdf\">statement (pdf)<\/a>. The hotel owner and operator will use the financing to fund its working capital and renovate five hotels it recently acquired.<\/p>\n<p><strong>The funding transaction marks Vantage\u2019s \u201cinaugural investment\u201d into Egypt, <\/strong>Vantage Managing Partner Warren van der Merwe said. The Egyptian hotel group has been reportedly in talks with Vantage since last January for a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/510fb761-11b7-4c5a-8cdb-6b1b17a33727\">USD 40 mn<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/510fb761-11b7-4c5a-8cdb-6b1b17a33727\">convertible<\/a><sup><\/sup><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/510fb761-11b7-4c5a-8cdb-6b1b17a33727\">loan<\/a> to finance three planned hotels.<\/p>\n<p><strong>This is also one of the largest mezzanine transactions by a foreign investor in the Egyptian tourism industry,<\/strong> a source close to the transaction told us.<\/p>\n<p><strong>Promising performance despite covid-19: <\/strong>PickAlbatros Hotels has seen a \u201cresilient performance\u201d in recent months despite the covid-19 implications on the hospitality sector, David Kornik, a partner at Vantage Capital, said in the statement. The hotel group\u2019s long-term growth potential seems to be \"firmly intact,\" he added<\/p>\n<p><strong>Advisors<\/strong>: Zilla Capital acted as the financial advisor to PickAlbatros, while Matouk Bassiouny & Hennawy and South Africa's Werksmans were assigned as legal counsel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt-based PickAlbatrosHotels has obtained USD 23 mn worth of mezzanine loan from South African fund manager Vantage Capital, according to a joint statement (pdf). The hotel owner and operator will use the financing to fund its working capital and renovate five hotels it recently acquired. The funding transaction marks Vantage\u2019s \u201cinaugural investment\u201d into Egypt, Vantage [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":566035,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10036],"tags":[7106,633,125],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-investment-watch","tag-debt","tag-enterprisepm","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"e911346e-e701-4215-ba6a-be8191b0b460","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/430.jpg","photo_position":"above","related_issue":[566029],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PickAlbatros Hotels secures USD 23 mn loan from Vantage Capital - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/24\/pickalbatros-hotels-secures-usd-23-mn-loan-from-vantage-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PickAlbatros Hotels secures USD 23 mn loan from Vantage Capital\" \/>\n<meta property=\"og:description\" content=\"Egypt-based PickAlbatrosHotels has obtained USD 23 mn worth of mezzanine loan from South African fund manager Vantage Capital, according to a joint statement (pdf). The hotel owner and operator will use the financing to fund its working capital and renovate five hotels it recently acquired. 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Although Abou Ali did not disclose the total investment value for the projects, he did say that the cost per room is USD 80-120k.\u2026","rel":"","context":"In &quot;Tourism&quot;","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/394.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544873,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/24\/compass-capital-takes-usd-10-mn-mezzanine-loan-from-south-african-fund-manager\/","url_meta":{"origin":566034,"position":1},"title":"Compass Capital takes USD 10 mn mezzanine loan from South African fund manager","author":"enterpriseam admin","date":"24 March 2022","format":false,"excerpt":"PE outfit Compass Capital has taken out a USD 10 mn mezzanine loan from South African fund manager Vantage Capital to fund the acquisition of six office buildings in New Cairo, according to a statement (pdf). The properties are being purchased by Bonyan Development and Trade, a real estate developer\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":697201,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/29\/infinity-xprs-make-ev-home-chargers-more-affordable\/","url_meta":{"origin":566034,"position":2},"title":"Infinity, XPRS make EV home chargers more affordable","author":"enterpriseam admin","date":"29 April 2026","format":false,"excerpt":"Plus: Mido secures mezzanine debt financing from Vantage Capital","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1493.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654106,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/28\/govt-to-offer-private-players-21-plots-to-set-up-hospitals-plus-news-from-vantage-capital-aleph-holding\/","url_meta":{"origin":566034,"position":3},"title":"Gov\u2019t to offer private players 21 plots to set up hospitals. 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