Le mie ricette per la real estate communityAareal Bank AG has provided a five-year financing of EUR 447 million for a European hotel portfolio managed by Swedish hotel property company Pandox AB. The portfolio comprises a total of 14 high-quality hotels in the upper full-service segment, in first-class locations in Austria, Belgium, Germany, and the Netherlands, with a total of approximately 3,600 rooms – including the Crowne Plaza Brussels – Le Palace, the Radisson Blu in Cologne, and the Park Hotel Amsterdam.
The Bank had already provided a EUR 270 million financing for a part of the portfolio (excluding the Belgian hotels) in December 2016. Building on the existing business relationship, Aareal Bank was now in a position to finance the expansion of the portfolio to include the seven Belgian hotels, and extending the facility by five years.
“We are delighted about the confidence Pandox has shown by expanding the portfolio with us and extending the facility by another five years”, said Christof Winkelmann, member of the Management Board of Aareal Bank: “The exposure underlines our expertise regarding complex pan-European hotel portfolios covering multiple jurisdictions.”
Source : Company