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PPHE inks £136m loan deal with Bank Hapoalim on Park Plaza hotel
(Sharecast News) - PPHE Hotel Group said it had reached agreement with Israel's Bank Hapoalim on a £136.45m loan to fund the acquisition of the freehold interest in Park Plaza London Waterloo. The International hospitality real estate developer and owner said the facility has an initial two year term, with the right to extend subject to certain conditions, and a floating interest rate, of which around 90% will be hedged.
"Opportunities to acquire marquee London assets like this do not come along often, so we are delighted to have full ownership over the property," said PPHE chief financial officer Daniel Kos.
"Over the term this new debt facility is expected to be earnings accretive, removing a growing future lease liability and reducing our exposure to inflation risk. Importantly, the transaction further simplifies and materially de-risks our balance sheet, building on the progress we have made across a number of recent transactions."
Reporting by Frank Prenesti for Sharecast.com
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