Bank of China contributes ¥1 billion JPY to a ¥14.2 billion JPY term loan for The Peninsula Tokyo Project

Project narrative

In or around late April 2005, a syndicate of six banks — including the Bank of China (BOC) — signed a ¥14.2 billion JPY term loan agreement with Peninsula of Tokyo Limited — a Japan-incorporated hotel business that is wholly owned by Peninsula International Investment Holdings Limited, a British Virgin Islands-incorporated company wholly owned by The Hongkong and Shanghai Hotels, Limited (HSH) — for the The Peninsula Tokyo Project. This loan carried a maturity period of five years and a maturity date in 2010. HSBC committed ¥7.1 billion JPY as a mandated lead arranger, Calyon committed ¥2.6 billion as a mandated lead arranger. Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) committed ¥1.5 billion as lead manager. BOC, Chiba Bank, and Mizuho Corporate Bank (MHCB) each committed ¥1 billion JPY as senior managers The proceeds of the loan were to be used by the borrower to support the Peninsula Tokyo Project, which sought to construct a 24-story 315-key luxury hotel, The Peninsula Tokyo (PTK), located to the south-east of the Outer Garden of the Imperial Palace and its moat, east of Hibiya Park, near the intersection of Hibiya-dori and Harumi-dori on a triangular site in the Marunouchi district of Chiyoda, Tokyo (address: 8, 1-chome, Yurakucho, Chiyoda-ku, Tokyo, Japan). The hotel had 24 above-ground stories and four basement levels, 315 guestrooms and 46 suites, included five food and beverage outlets such as the Peninsula Lobby, The Peninsula Boutique and Cafe, a Japanese restaurant, a Chinese restaurant, and an international restaurant, private dining rooms attached to some of the restaurants, banquet facilities including a main ballroom and a junior ballroom, pre-function area, a wedding center including a chapel and function rooms, meeting rooms, banquet rooms, and themed rooms, recreational facilities including swimming pool, sex-divided spa facilities, treatment rooms, fitness center, and other services such as guest laundry & dry cleaning, limousines, valet parking, and retail shops. Taisei Corporation was the general contractor responsible for project implementation. Brennan Beer Gorman Monk/Interiors (New York) served as interior designer and Mitsubishi Jisho Sekkei Inc. served as building architect and structural engineer. Construction began on October 13, 2004 and was scheduled for completion in 2007. The hotel opened on September 1, 2007.