pbb Deutsche Pfandbriefbank has provided a €139 mln loan to Grand City Hotels to finance a portfolio of 10 hotels in Germany and the Netherlands.

pbb Deutsche Pfandbriefbank has provided a €139 mln loan to Grand City Hotels to finance a portfolio of 10 hotels in Germany and the Netherlands.

The portfolio comprises eight business hotels at four German locations - Berlin, Mannheim, Stuttgart and Hanover - and two in Amsterdam.

The loan agreements were signed in December 2013, and the funds disbursed in January 2014.

Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank, said: 'pbb Deutsche Pfandbriefbank actively provides hotel financings on a selective basis, and at specific locations. Our newly-positioned team of experts gives us the ability to structure complex financings. Whilst our focus is on the German market, we have also financed hotels in London and Paris. Grand City Hotels is an experienced partner, and we were pleased to support them with this transaction.'