Narrative
Full Description
Project narrative
In February 2012, Bank of China (BOC) entered into a $170 million USD loan agreement with Columbus Centre Hotel LLC — a Delaware-incorporated special purpose vehicle (SPV) jointly owned by Mandarin Oriental (New York), Inc., a United States-incorporated wholly-owned subsidiary of Mandarin Oriental International Limited, a Bermuda-incorporated Hong-Kong based hospitality company listed on the London Stock Exchange, the Singapore Exchange, and the Bermuda Stock Exchange and subsidiary of Hong Kong–based, Bermuda-domiciled multinational conglomerate Jardine Matheson Holdings Limited (25% equity stake), Istithmar Columbus Centre Holding Company LLC, a United States-incorporated wholly-owned subsidiary of Istithmar Hotels FZE, a Dubai-incorporated wholly-owned subsidiary of Istithmar World PJSC, a Dubai-incorporated investment house indirectly wholly-owned and controlled by the Government of Dubai via Dubai World (73% stake), and A/R Hotel LLC, a joint venture of American real estate firm Related Companies, L.P. and American real estate private equity firm AREA Property Partners L.P. (2% equity stake) — for the Mandarin Oriental, New York 2012 Refinancing Project. The proceeds were used by the borrower to repay a $135 million USD obligation arranged in 2007 by Column Financial for the Mandarin Oriental, New York, a five-star 248-room hotel in the Time Warner Center in Columbus Circle in Manhattan, New York City, New York.