HSBC Bermuda involved in $115m Brazilian hotels loan
HSBC Bermuda is helping to refinance Orient-Express Hotels’ loan on its Brazilian properties.
The bank is part of a club of three banks that refinanced the famed Copacabana Palace in Rio de Janeiro and Hotel das Cataratas at Iguassu Falls.
According to a news release by the parties, Crédit Agricole CIB, HSBC Bank Bermuda and Barclays Corporate acted as “joint arrangers” for a $115 million financing including a $15 million capital expenditure facility to assist with the planned refurbishment of the main building of the Copacabana Palace during 2012.
Asked for comment, a spokeswoman for HSBC Bank Bermuda said: “It is not our practice to make comments on client specific transactions.”
The CFO of Bermuda-domiciled Orient-Express Hotels, Martin O’Grady, said: “We are pleased to have successfully completed the refinancing of our Brazilian portfolio. We appreciate the continued support from Crédit Agricole CIB and Barclays, and we also welcome our new lending relationship with HSBC.”
The new loan has a term of three years and replaces an existing $88 million loan that was to mature in October 2012.
On behalf of Crédit Agricole CIB, Neal Ledger, head of the UK Real Estate Finance team said: “The Copacabana Palace is one of the world’s truly iconic luxury hotels. The completion of this refinancing places both properties in an ideal position with regard to the forthcoming 2014 FIFA World Cup and 2016 Olympics being hosted by Brazil. All three lenders are highly appreciative to be given the opportunity to be Orient-Express’s financial partners in this prestigious financing.”