The Westin Indianapolis in the US has secured a refinancing package worth $113m.

This restructuring is a collaborative effort between Barings and affiliates of Apollo, aimed at supporting the property owned by an affiliate of KSL Capital Partners since 2019.

Real estate investment manager Barings structured the mezzanine component of the loan while Apollo affiliates took charge of the senior mortgage portion.

Barings director Daniel Hedgepeth said: “We are excited to partner with Apollo to provide this financing for KSL, a best-in-class hospitality investor.

“We view the hotel as a high-quality asset in a prime downtown location, offering direct connectivity to the Indianapolis Convention Centre. We consider fundamentals in the Indianapolis hotel market to be healthy with a favourable supply environment and strong growth in demand with the continued recovery of business and group travel.

"With extensive property renovations completed in recent years, we believe the Westin Indianapolis is well-positioned for strong future performance.”

The Westin Indianapolis is surrounded by the city's main attractions, including the Indiana Convention Center and Lucas Oil Stadium.

Established in 1989, the hotel underwent extensive renovations from 2020 to 2022.

It now houses 575 guest rooms, over 48,300ft² of event space, a new food and beverage outlet, and a modernised fitness centre.

A modern gym is also available at the hotel, along with meeting and banquet facilities.

The financing deal was facilitated by Eastdil Secured, which provided advisory services to the hotel's sponsorship.

This transaction marks a significant expansion of Barings' real estate debt platform, which now exceeds $23.5bn.