Kingdom Hotel Investments (KHI), a wholly owned unit of Kingdom Holding Co. (KHC), has completed the refinancing of a EUR 350 million ($381.3 million) loan, the Saudi-based conglomerate said in a statement on Monday.
The credit facility was extended by a consortium of lenders consisting of Crédit Agricole Corporate and Investment Bank, Natixis Pfandbriefbank AG, and Société Générale Corporate and Investment Banking.
The loan was backed by the Four Seasons Hotel George V, Paris, which was acquired by KHI in 1996 for $178 million. The hotel is currently implementing a EUR 50 million ($54.9 million) capital reinvestment program as part of plans to upgrade its suites and facilities.
KHI has major interests in global luxury hospitality companies, including Four Seasons Hotels and Resorts, FRHI Hotels & Resorts, and Mövenpick Hotels & Resorts. Its real estate portfolio includes 19 hotels worldwide.
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