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Hongkong and Shanghai Hotels takes on £650M loan facility

Hongkong and Shanghai Hotels Ltd. unit HSH Financial Services Ltd. secured a five-year term loan facility worth £650 million to fund the development of The Peninsula London hotel and residences project.

Bank of China (Hong Kong) Ltd., Hang Seng Bank Ltd., the Hong Kong branch of Mizuho Bank Ltd., Oversea-Chinese Banking Corp. Ltd. and HSBC Ltd. are the lead arrangers of the facility and will each extend £130 million to the hotelier. Hongkong and Shanghai Hotels will serve as guarantor of the facility, which is due in 2023 and carries interest equivalent to the London Interbank Offered Rate plus a fixed margin.

The project, slated to open in 2021, will offer a 190-room hotel, as well as 24 to 28 luxury residential apartments on a site overlooking Hyde Park Corner in London.