Meridia Capital Hospitality I has obtained a long term syndicated loan provided by three Spanish institutions. The amount will be directed towards refinancing the debt assumed in the acquisition of a building in Paris city centre in February 2008 as well as financing the primary mixed-use refurbishment project that will include the new W Paris Opera hotel (operated by Starwood Hotels & Resorts and scheduled to open in 2011) and a new prime retail area.
Javier Faus, Chairman and CEO of Meridia Capital, said “It is very rewarding to see that good projects in the world’s top capital cities are still obtaining financing. This is a good indicator that shows that the market is still open as long as the project, the sponsor and the brands are high-quality. We would like to thank these financial institutions for their trust in Meridia Capital in what are certainly difficult circumstances. We hope we can celebrate together the opening of what will undoubtedly be a new iconic destination in Paris”.
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