Cornerstone Real Estate Advisers has provided an £87m refinancing of the Park Plaza Hotel Victoria, SW1.
The 10-year loan reflects a 53.9% loan-to-value on the £161.5m hotel at a fixed rate of 3.4%.
The funds are secured against the 299-bedroom hotel and its holding company, which is owned by Dutch hotels group PPHE. The loan will free up equity for PPHE to invest in its existing hotels and future developments.
The refi replaces a five-year, £64.8m facility from Aareal Bank, which will continue to provide a cross-border facility secured against eight other hotels owned by PPHE.
