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Overview

Bank of China provides a €40 million EUR loan for the Corinthia Lisbon Refinancing Project

Commitments (Constant USD, 2023)$47,492,513
Commitment Year•2018Country of Activity•PortugalDirect Recipient Country of Incorporation•MaltaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • International Hotel Investments p.l.c. (Corinthia Group)

Loan description

Bank of China provides a €40 million EUR loan for the Corinthia Lisbon Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In August 2018, the Bank of China (BOC) entered into a €40 million EUR loan agreement with International Hotel Investments p.l.c. (also known as Corinthia Group) — Malta-incorporated and domiciled company whose majority shareholder is Corinthia Palace Hotel Company Limited (CPHCL) (a 50:50 joint venture between the Pisani Family and LAFICO) and whose other shareholders are Dubai-incorporated Istithmar Hotels FZE, and the general public via the Malta Stock Exchange — for the Corinthia Lisbon Refinancing Project. The proceeds were to be used by the borrower to refinance an existing loan of the Corinthia Lisbon, a hotel in Lisbon, Portugal, releasing €17.5 million EUR in excess cash to support the room refurbishment of the property and for general corporate purposes. In 2020, early in the COVID-19 pandemic, BOC provided either capital repayment deferral schemes and/or a temporary postponement of banking covenants to align with the pandemic to support the borrower.