PPHE Hotel Group has agreed a £45 million refinancing deal for four UK hotels.
The seven-year agreement covers Park Plaza London Park Royal, Park Plaza County Hall London, Park Plaza Leeds and Park Plaza Nottingham.
The facility is being provided by Banque Hapoalim (Luxembourg).
It will be used to refinance an existing Park Plaza London Park Royal construction facility, to repay certain shareholder loans and for general corporate purposes, the international hospitality company said.
The refinancing will be secured by mortgages over PPHE’s ownership interests in the hotels and security over shares in group companies that own interests in the hotels.
The group has a portfolio of 39 owned, leased, managed and franchised hotels hotels with 9,000 rooms.
It has a development pipeline including two new hotels which are expected to add an additional 500 rooms by the end of 2022.
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