Hotel property developer PPHE Hotel Group Ltd. has entered into an agreement to refinance the Park Plaza in London's Victoria district.
The new £88m facility has been arranged by Santander UK and ABN AMRO as part of an ongoing programme for the long-term refinancing of some of the Group's assets following the successful refinancing of Park Plaza London Riverbank in November.
This new five-year facility will replace the existing facility with Barings, which matures in Q1 2026. It will bear a floating interest rate, of which 90% is hedged at an all-in rate of 3.9%. This compares with an all-in fixed rate of 3.42% that applied under the existing facility.
Reporting by Frank Prenesti for Sharecast.com
The new facility will be secured, inter alia, by a first legal charge over the Hotel and pledges over the company which owns the freehold of the hotel and its related operating subsidiaries.
The new facility agreement is subject to certain conditions precedent being fulfilled, and funding is expected to take place on 18 December 2025.