Narrative
Full Description
Project narrative
In April 2020, a syndicate of five banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $230 million USD syndicated loan agreement with an unspecified borrower — an entity apparently incorporated in Kuwait and whose principals are based in Kuwait — for the InterContinental New York Barclay hotel at 111 E. 48th St. This loan was secured by (i.e. collateralized against) the InterContinental New York Barclay hotel at 111 E. 48th St. The proceeds were used by the borrower to finance the InterContinental New York Barclay hotel at 111 E. 48th St. (also known as 518 Lexington Avenue), a luxury hotel between Park and Lexington Avenues in Midtown Manhattan, New York City, New York. The hotel opened in 1926 and has a long history. In addition to ICBC, the following lenders contributed to the loan syndicate: National Bank of Kuwait S.A.K. (NBK), Deutsche Bank AG, Aozora Bank Ltd., and the Land Bank of Taiwan Co., Ltd. (LBOT).
Staff comments
1. The individual contributions of the five lenders to this $230 million USD syndicated loan are unknown. Therefore, for the time being, to estimate ICBC's contribution, AidData has assumed that each lender contributed equally ($46,000,000 USD) to the loan syndicate. 2. The specific use of the proceeds is unknown. It is plausible it was used to refinance or provide working capital for the property. This issue merits further investigation. 3. The specific borrowing entity and sponsors are unknown. This issue merits further investigation.