Aareal provides EUR 367m loan for French hotels

German lender Aareal has provided a EUR 367 mln loan to Groupe du Louvre to refinance a French hotel portfolio.

The portfolio comprises four luxury, four and five-star hotels in Paris, Cannes and Nice. The hotels are 5-star Hôtel du Louvre; the 4-star Hôtel Concorde La Fayette near the Champs-Elysées in the French capital; the 5-star Hôtel Martinez on La Croisette boulevard in Cannes; and the 5-star Hôtel Palais de la Méditerranée in Nice.

'Aareal Bank has once again proved its expertise as an international property financer with special knowledge in the area of hotel financings,' said Christof Winkelmann, managing director special property finance at Aareal Bank. 'This deal is characterised in particular by the outstanding properties included in the portfolio and by the very good cooperation with our client Starwood Capital.'

Groupe du Louvre is a French hotel investor owned by an affiliate of Starwood Capital Group, an international investment company based in the US city of Greenwich.