Paul Hastings Advises Groupe du Louvre on €1.2 Billion Refinancing
New York -
Paul Hastings LLP, a leading global law firm, announced today that the firm is representing Groupe du Louvre in connection with the refinancing of a €1.2 billion facility.
The facility will be refinanced through two new facilities, one by Aareal Bank A.G. and the other by a syndicate of French lenders (Natixis, Crédit Agricole CIB, Société Générale and BNP Paribas).
The Aareal facility of €350 million will be used to refinance the luxury activities of Groupe du Louvre including the well-known Le Martinez hotel in Cannes, while the syndicated facility of €650 million will be used to refinance the budget division of Groupe du Louvre including the Campanile, Kyriad and Golden Tulip hotels.
The Paul Hastings team is being led by New York-based of counsel
Owned by an affiliate of Starwood Capital Group, the Groupe du Louvre has four primary business activities: luxury hotels, budget hotels, a crystal manufacturer, and a perfume house. Under the brands of Concorde Hotels & Resorts, the luxury hotel division of Groupe du Louvre gathers more than 27 prestigious hotels established in prime locations including Le Martinez Hotel, the leading palace in Cannes. Louvre Hotel, the budget hotel division of Groupe du Louvre, is the second European hotels group with more than 800 hotels under four brands (Kyriad Prestige, Kyriad, Campanile, Première Classe) in nine European countries.
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