Henderson Park has signed a €210 million loan agreement with Aareal Bank for the refinancing of upscale Parisienne hotel Le Meridien Etoile
Built in 1972 and now located directly opposite the Paris Convention Centre, the hotel caters to both business and leisure travellers and is operated by Marriott International under its Le Meridien brand.
Henderson Park acquired the asset after its reopening in October 2016, following a substantial renovation with extensive upgrades made to the rooms as well as to the banqueting and conference facilities, marking the first deal for the then-new European real estate investment platform.
DePardieu provided legal advice to Aareal Bank, while Henderson Park was advised by Jones Day and Stibbe.
Why it matters
As looming refinancings continue to be a source of concern for hoteliers and investors across Europe, this signing of this deal could be a source of comfort as it further shows that there are lenders willing to support financially. Aareal is just one in a list of many who have been able to support on debt and refinancing in the last few months, having recently agreed a €103 million green financing deal with the Strawberry Group and earlier this year, providing – in conjunction with other lenders – a €480 million sustainability-linked loan to CitizenM.
What they said
Bettina Graef-Parker, managing director, special property finance at Aareal Bank said: “We are extremely pleased to have closed this financing with Henderson Park, a prominent player in the industry. We are delighted to continue our fruitful relationship and to support them on yet another great financing.”
Christophe Kuhbier, managing director at Henderson Park added: “We were again impressed by the expertise, speed and professionalism of the Aareal Bank team regarding the local market and the specifics of this unique hotel property.”