Aareal Bank has provided a five-year financing of €447 mln for a European hotel portfolio managed by Swedish hotel property company Pandox.
The portfolio comprises a total of 14 hotels in the upper full-service segment, in central locations in Austria, Belgium, Germany, and the Netherlands. Comprising a total of approximately 3,600 rooms, the properties include the Crowne Plaza Brussels - Le Palace, the Radisson Blu in Cologne, and the Park Hotel Amsterdam.
The bank said it had already provided a €270 mln financing for a part of the portfolio - excluding the Belgian hotels - in December 2016. Building on the existing business relationship, Aareal Bank said it was now in a position to finance the expansion of the portfolio to include the seven Belgian hotels, and extend the facility.
'We are delighted about the confidence Pandox has shown by expanding the portfolio with us and extending the facility by another five years,' said Christof Winkelmann, member of the management board of Aareal Bank. 'The exposure underlines our expertise regarding complex pan-European hotel portfolios covering multiple jurisdictions.'