In September 2011, Crédit Agricole CIB acted, alongside HSBC Bank Bermuda Limited and Barclays Corporate, to refinance the Copacabana Palace, Rio de Janeiro and Hotel das Cataratas, Iguassu Falls, on behalf of Orient-Express Hotels Ltd.










Hotel das Cataratas, Iguassu Falls


The three banks acted as joint arrangers for the USD 115 million financing. It includes a USD 15 million capital expenditure facility to assist with the planned refurbishment of the main building of the Copacabana Palace to take place during 2012. The new loan has a term of three years and replaces an existing USD 88 million loan that was to mature in October 2012.
Crédit Agricole CIB also acted as facility agent and security trustee.

The Copacabana Palace, Rio de Janeiro


On behalf of Crédit Agricole CIB, Neal Ledger, Head of the United Kingdom Real Estate Finance team said: "The Copacabana Palace is one of the world’s truly iconic luxury hotels. The completion of this refinancing places both properties in an ideal position with regard to the forthcoming 2014 FIFA World Cup and 2016 Olympics being hosted by Brazil. All three lenders are highly appreciative to be given the opportunity to be Orient-Express’s financial partners in this prestigious financing."

Martin O'Grady, Chief Financial Officer, Orient-Express Hotels Ltd. said: “We are pleased to have successfully completed the refinancing of our Brazilian portfolio. We appreciate the continued support from Crédit Agricole CIB and Barclays, and we also welcome our new lending relationship with HSBC.”