Barclays UK Corporate Bank has finalized a significant financing agreement for Corinthia Hotels, marking its largest loan to the hotel sector over the past two decades. The £192 million commitment is part of a broader £205 million syndicated term loan aimed at fostering the growth of Corinthia's luxury property in London.
Corinthia Hotels, established by the Pisani family in Malta 60 years ago, is recognized globally for its luxury hospitality. Among its notable locations is the Corinthia London, situated in Westminster. Barclays has supported the Corinthia London since it was developed in 2009 and facilitated the new financing through the Barclays Business Property Fund, which comprises £22 billion dedicated to backing UK business growth.
Michael Izzo, Corinthia London's Chief Strategy Officer, expressed the importance of the loan, stating: "Accessing finance is crucial to ensuring we can grow as a business, and this support from Barclays will allow us to do just that. We’re excited about our plans for Corinthia London and look forward to working together to deliver these in the years ahead."
Richard Robinson, Head of Hospitality and Leisure at Barclays UK Corporate Bank, highlighted the significance of their partnership: "We’re proud of our longstanding relationship with Corinthia and are pleased to have supported them with this groundbreaking loan. Businesses don’t just grow spontaneously. They must have the confidence to invest, expand and innovate – just as Corinthia has done. We’re here to help build this confidence and ensure businesses across the UK can access the finance they need for growth."
Barclays UK Corporate Bank is well-established in hotel sector financing, offering bespoke banking solutions and guidance. Its dedicated team of Relationship Directors brings over 40 years of experience, facilitating connections within the industry.
The significant financing agreement witnessed Barclays providing £192 million of the total £205 million loan and playing roles such as Mandated Lead Arranger, Documentation Co-ordinator, Facility Agent, and Security Trustee.