Pictured above: Paul Ray

Browne Jacobson's banking team has advised Royal Bank of Scotland (RBS) on its financing package for a six storey hotel development at Lincoln's Brayford Wharf North as part of a major tourism and economic development programme.

The 115 bedroom Doubletree by Hilton hotel will house a roof-top restaurant, bars, conference and meeting facilities, health & leisure amenities and parking for 27 vehicles. It is set to be completed in 2011. Doubletree is the worldwide brand of upscale, full-service hotels and resorts trademarked by Hilton Worldwide.

The hotel is being constructed on the site of the former East Midlands Electricity Board and is being developed by Brayford Hotels Limited whose major shareholders are Leigh Hall and Dean Wann.

Leigh and Dean are also major shareholders of Manorcrest, an established commercial and domestic property development company with more than 15 years experience of design, development, construction and engineering.

The Browne Jacobson team was headed by Paul Ray, Head of Banking, assisted by Shaun Tame (construction) and Rob Wofinden (property).

Paul Ray said: "RBS' in-depth sector knowledge means they were ideally placed to work with the developer in finding the right funding solution for this project. It is also an indication of the growing appetite amongst traditional lenders such as RBS to provide development finance to business with a strong track record of working on high quality domestic and commercial property projects."

The transaction was led by Jayne Hickson for RBS. She commented: "The new hotel is situated in an excellent location and forms an important part of the Lincoln's tourism and economic development programme. When this is combined with the strength of the Doubletree by Hilton brand it should prove to be a very successful venture."  

For more information about Browne Jacobson, please visit their website here: www.brownejacobson.co.uk