Hotel group Park Plaza has secured a £115 mln (EUR 129 mln) refinancing facility from Bank Hapoalim. The Israeli lender agreed to refinance an existing £93.4 mln of bank facilities in relation to the Park Plaza Westminster Bridge London. The deal with Park Plaza's subsidiary Marlbray also includes an additional £21.1 mln for working capital, general corporate purposes and projects.

The loan is repayable in quarterly instalments commencing in September 2011 and will bear interest at the rate of 2.65% per annum over 3-month Sterling LIBOR, which will increase by 2% on any part of the loan that causes the loan to value ratio to exceed 70%.

'We are delighted to have refinanced our existing banking facilities for Park Plaza Westminster Bridge London, our new 1,019-room flagship hotel which opened in 2010. This agreement builds on our existing relationship with Bank Hapoalim and will enable us to focus on continuing to grow our market share and deliver great customer service,' commented Boris Ivesha, chief executive officer of Park Plaza.