Refinancing of Dutch Banking Facility Completed

RNS Number : 2605O

Park Plaza Hotels Limited

14 September 2011

 



14 September 2011

Park Plaza Hotels Limited

("Park Plaza" or "the Group")

Refinancing of Dutch Banking Facility Completed

The Group is pleased to announce that it has today refinanced the banking facility entered into by Victoria Monument BV, a jointly controlled company by the Park Plaza group and the Elbit Imaging group, as borrower and Bank Hapoalim BM (the "Bank"), as lender.  The facility is for an amount up to EUR26 million, EUR14 million of which is to refinance existing amounts owed to the Bank in connection with land costs while the additional amount will be to fund the development of the new art'otel amsterdam.

It is a condition of the facility that Victoria Monument put in place certain construction documents and commence development within 90 days (from date of this announcement). If this condition is not met the Bank may demand repayment of the loan within 45 days from demand.

Maturity of the new facility, which is secured on the building which will become the new art'otel Amsterdam and which is owned by Victoria Monument, is March 2014.

Enquiries:

Contacts:

Park Plaza Hotels Limited                                                      [phone]

Chen Moravsky, Chief Financial Officer             

Hudson Sandler                                                                     [phone]

Wendy Baker

Kate Hough                                           

About Park Plaza Hotels:

Park Plaza Hotels Limited owns, leases, develops, manages and franchises primarily full service four-star, four-star deluxe and contemporary lifestyle hotels in major gateway cities and regional centres primarily in Europe. The majority of the Group's hotels operate under the Park Plaza Hotels & Resorts brand (part of Carlson), over which the Group has exclusive rights in 56 countries in Europe, the Middle East and Africa, or art'otel, a brand which Park Plaza fully owns.

Through its strategic partnership with Carlson, one of the world's largest travel and hospitality companies, Park Plaza has access to Carlson's powerful reservation and distribution system, airline partnerships with 22 airlines, loyalty programmes such as Club Carlson(SM) for guests and look to book^(R) for travel agents and cross-selling opportunities.

The Group currently has 25 Park Plaza hotels and art'otels, with 5,447 rooms in operation. New projects under development include Park Plaza Nuremberg (2013), art'otel amsterdam (2012), a 61-room extension of art'otel berlin city center west (2012) and art'otel london hoxton (2013).

Park Plaza also part owns Arenaturist, one of Croatia's leading hospitality companies, and operates 8 hotels and 5 apartment complexes (with a total of 2,868 rooms) and 7 campsites in Istria, Croatia.

Park Plaza's shares are admitted to trading on the main market of the London Stock Exchange (Standard Listing).

 Our Brands:                   Our Company:

 www.parkplaza.com        www.parkplazahotels.net

 www.artotels.com

 www.arenaturist.com

 

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