Corinthia Hotels has announced plans for a flagship London luxury hotel and residences project.
Following its acquisition last year from The Crown Estate of the iconic Metropole building on Northumberland Avenue and the adjoining 10 Whitehall Place, the hotel chain has since secured funding and commenced works for the refurbishment of both buildings, transforming then into a luxury hotel and private residences.Construction on site is proceeding apace and, last week, bank funding was secured by way of a £135 million loan. The loan matches the £135 million invested as equity by the developers, setting a 50:50 loan to equity gearing on the project.
The Metropole Building and 10 Whitehall Place were acquired from The Crown Estate last year by a consortium owned equally by International Hotel Investments plc of Malta (IHI) and two of its principal shareholders, the Libyan Foreign Investment Company and Nakheel Hotels of Dubai.
IHI was set up in 2000 as a publicly listed holding company for the ownership, development and management o Ck nt a te€ a o er om rc l a| st e rl hd
or th H el is ow et o an or wh w t o gi l tr nl Ho l”