Pphe Hotel Regulatory News (PPH)

30 Sep 2009 16:26



30 September 2009

Park Plaza Hotels Limited

("Park Plaza" or "the Group")

Refinancing of Dutch Banking Facility Completed

The Group is pleased to announce that it has refinanced the banking facility for two jointly controlled companies, Utrecht Victoria Hotel B.V. and Victoria Hotel C.V., and a wholly-owned company, Mandarin Hotel B.V originally made by Merrill Lynch International and which matured on 30 September 2009. Following the acquisition by Aareal Bank AG of the interests of the lenders in the maturing facility, the facility has been extended by Aareal Bank AG in a principal amount of €78.0 million, of which €43.7 million is attributable to the Group, for a further 5 years (30 September 2014) and carries a fixed annual interest rate of 5.1%. This facility is secured, inter alia, on the Park Plaza Victoria Amsterdam, the Park Plaza Utrecht and the Park Plaza Mandarin Eindhoven.

Enquiries:

About Park Plaza Hotels:

Park Plaza Hotels Limited is owner, operator and franchisor of hotels in Europe, the Middle East and Africa. The majority of the group's hotels operate under the Park Plaza Hotels & Resorts brand (part of Carlson Hotels Worldwide), over which the Group has exclusive rights in 56 countries in EMEA, or art'otel, a brand which the company fully owns. Park Plaza Hotels also manages the luxury all-suite Plaza on the River - Club and Residence, London. 

Through it strategic partnership with Carlson, one of the world's largest travel and hospitality companies, Park Plaza Hotels has access to Carlson's powerful reservation and distribution system, airline partnerships with 21 airlines, loyalty programmes such as goldpointsplusSM for guests and Look To Book® for travel agents and cross-selling opportunities.

There are currently over 35 hotels and aparthotels and nearly 7,000 rooms in the Group's portfolio. By the end of 2012, the Group's committed projects and territorial franchise agreements are expected to increase the number of rooms to over 13,000.

Projects under development include Park Plaza Marrakech (2009), art'otel marrakech (2009), art'otel cologne (2009), Park Plaza Westminster Bridge London (2010), Park Plaza Nuremberg (2010), art'otel amsterdam (2011) and art'otel london hoxton (2012).

Park Plaza Hotels' shares are admitted for trading on London's AIM Stock Market.