Shiva Hotels has completed the refinancing of its Middle Eight hotel in Covent Garden.

The business has refinanced the hotel with Alpha Real Capital and Bank Leumi.

The hotel is currently being refurbished and is due to reopen this spring.

“We are delighted to have acquired the ground rent of this prestigious hotel from Shiva,” said Alpha’s transaction director Dan Griffiths.

“The quality of the property and excellent location provides the Fund with confidence this asset will have a long-term future. We are excited to partner Shiva on this project and look forward to working with them.”