Hogan Lovells advises Kingdom Holding Company in £600m+ Savoy hotel refinancing
Hogan Lovells has advised Kingdom Holding Company in the refinancing of the Savoy hotel in London valued in excess of £600m.
Kingdom, which is chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia, initially acquired the luxury hotel in 2005 in a 50/50 joint venture with Prestonfield Ltd, an entity controlled by Bank of Scotland and now part of Lloyds Banking Group.
The Savoy underwent an intense physical restoration from 2008 to 2010 — the first in its 125-year history — at a cost of £230m. The hotel has since attracted institutional capital from two leading European lending organisations — Crédit Agricole Corporate and Investment Bank and DekaBank Deutsche Girozentrale — to refinance the Bank of Scotland’s original senior debt.
The lending institutions jointly provided a new five-year £200m senior facility, with Prestonfield continuing to provide mezzanine financing and own the landmark hotel alongside Kingdom Holding Company on a 50/50 basis.
The Hogan Lovells financing team was led by London corporate finance partner Colin Craik.
News from Hogan Lovells
News from The Lawyer
Briefings from Hogan Lovells
With increasing internet penetration throughout the country, the e-commerce industry, like other industries in China, is growing at a swift pace.
A tribunal decision that required a committed Christian to work on a Sunday on an occasional basis in accordance with her contract of employment did not discriminate against her.
Analysis from The Lawyer
The Lawyer’s latest Top 50 litigation firms list shows that business for dispute specialists is roaring along while new in-depth detail reveals the winning strategies
The Russian legal market faces a new era as the government opens the door to greater business transparency, but not everything is open to scrutiny