Host Hotels & Resorts has secured a one-year extension for a £32m securitised loan secured on the Le Méridien Piccadilly.
The international group, which bought the five-star hotel for around £64m from Starwood Hotels and Lehman Brothers, now has until January next year before the debt matures.
The hotel was valued at £52.5m ahead of the loan’s securitisation by Deutsche Bank in May 2006.
The full performing loan is at 60% LTV.
