PPHE hotel group refinances its interests in four Park Plaza hotels
The PPHE hotel group has refinanced its interests in four Park Plaza hotels in a deal worth £45m.
The refinancing package includes the group's interests in Park Plaza London Park Royal, Park Plaza County Hall London, Park Plaza Leeds and Park Plaza Nottingham.
The company, which operates the Park Plaza brand and owns the Art'otel brand, will use the facility to refinance the existing 2016 Park Plaza London Park Royal construction facility, repay shareholder loans and for general corporate purposes.
The refinancing has been provided by Banque Hapoalim in Luxembourg, for a term of seven years and will bear a fixed interest rate of 4.367% per annum.
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