On 28 April International Hotel Investments plc announced that it has secured funding of GBP135 million through a syndicated loan for the development and renovation of the Corinthia Hotel & Residences in London. The syndicated loan is led and arranged by Barclays and also includes the Libyan Foreign Bank, the Arab Banking Corporation and Bank of Valletta. Following this loan, the project now has a 50% gearing as the amount invested by the developers equates the amount of the loan.
In February 2008 IHI had announced that together with the Libyan Foreign Investment Company (LFICO) and Nakheel of Dubai, it acquired the Metropole Hotel Building and the adjoining 10 Whitehall Place in London from The Crown Estate of the UK for a total consideration of GBP130 million (€174.4 million).
The consortium aims to develop a 300-room deluxe five-star hotel and a suite of adjoining luxury apartments. IHI had also revealed that on completion, the management of the five-star hotel operation will be entrusted to CHI Limited to operate the property under the Corinthia brand.