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UK: Lender Barclays UK Corporate Bank has agreed a £192 million loan to Corinthia Hotels, as part of a broader £205 million syndicated term loan, to support the growth of Corinthia’s five-star property in London.
Corinthia London, situated in Westminster, has been a client of Barclays since its development in 2009.
The full package of finance involves a £205 million syndicated term loan, with Barclays providing £192 million of this amount and acting as mandated lead arranger, documentation co-ordinator, facility agent and security trustee.
The hold of £192 million is the largest taken by Barclays UK Corporate Bank on a deal with a hotel sector client in 20 years.
Barclays’ commitment is also supported by its £22 billion Business Property Fund, designed to support the growth of UK businesses.
Richard Robinson, head of hospitality and leisure at Barclays UK said: “We’re proud of our longstanding relationship with Corinthia and are pleased to have supported them with this groundbreaking loan.
“Businesses don’t just grow spontaneously. They must have the confidence to invest, expand and innovate – just as Corinthia has done. We’re here to help build this confidence and ensure businesses across the UK can access the finance they need for growth,” he added.
Michael Izzo, chief strategy officer at Corinthia London, said: “Accessing finance is crucial to ensuring we can grow as a business, and this support from Barclays will allow us to do just that. We’re excited about our plans for Corinthia London and look forward to working together to deliver these in the years ahead.”
Founded in Malta in 1962, Corinthia Hotels operates 12 properties across Europe, Africa, and the Middle East. Additionally, the company has eight hotels under development in locations including Rome, Bucharest, Riyadh, and Doha.
