KHI completes refinancing of bank loan facility

19/01/2016 05:29 AST

Kingdom Hotel Investments (KHI), a wholly owned division of the Saudi Arabian conglomerate Kingdom Holding Company (KHC) chaired by Prince Alwaleed bin Talal, has completed the refinancing of a senior bank loan facility backed by the Four Seasons Hotel George V, Paris. A 350 million-euro loan facility was extended by a consortium of lenders consisting of Credit Agricole Corporate and Investment Bank, Natixis Pfandbriefbank AG, and Societe Generale Corporate and Investment Banking.

Credit Agricole Corporate and Investment Bank, Natixis, and Societe Generale Corporate and Investment Banking acted as co-lead arrangers while Credit Agricole acted as facility and security agent. The transaction closed on Oct. 16, 2015.

Prince Alwaleed commented: “The Four Seasons Hotel George V has been repeatedly recognized as one of the best, if not the best, city hotels in the world. This debt refinancing transaction speaks of the property’s iconic status and of the underlying value it commands today in the most prestigious hotel market in the world.”

The prince added: “France continues to be a critical area of focus for KHC foreign investment, and we are very pleased to be partnering with a consortium of French banks in this landmark deal.”

Characterized as a palace hotel, the Four Seasons Hotel George V, Paris redefines luxury in the City of Light.

The Four Seasons Hotel George V was ranked the Best City Hotel Worldwide and the Best European City Hotel in The Gallivanter’s Guide for 11 years. It was awarded the Best Hotel in Europe for the 5th consecutive year by British magazine Ultratravel.

Sarmad Zok, chairman and CEO of KHI and member of KHC’s board of directors commented: “The Four Seasons Hotel GV’s market leadership position since its acquisition by Kingdom is underpinned by the product’s superior quality and the exceptional performance by Four Seasons management.”

Arab News