LONDON, October 18, 2016: Cushman & Wakefield’s EMEA Structured Finance team has arranged the refinancing for the Four Seasons Hotel Gresham Palace in Budapest, Hungary.
Cushman & Wakefield’s EMEA Structured Finance business, which offers a range of financial-focused services including Debt Advisory, secured the €50m-plus loan transaction on behalf of SAS Holding Kft, owner of the hotel building.
The new financing is equally split between Raiffeisen Bank International AG and Raiffeisen Bank Zrt. The previous lender was CIB Bank.
The Four Seasons Hotel Gresham Palace is a 179-room art nouveau landmark on Szechenyi Square at the end of the famous Chain Bridge across the Danube River.
Edward Daubeney, a Partner in the EMEA Structured Finance team at Cushman & Wakefield, said: “Our knowledge of which banks, insurers and funds are active, and what their specific requirements are, enables us to deliver optimal results for our clients. The lending market remains strong across Europe and this loan has allowed the owners of this iconic European hotel to refinance on improved terms.”
Mira Kantor-Pikus, a Partner, responsible for structured finance in Cushman & Wakefield Capital Markets Team in Poland who has supported the refinancing process, said: “We see a growing interest in financing real estate in some CEE countries, mainly in Poland, followed by the Czech Republic, Slovakia, Hungary, and Romania. Banks, particularly non-local ones, are becoming more willing to finance real estate projects owing to the current macroeconomic situation, the availability of prime assets and the quality of investors eyeing these markets.”
Cushman & Wakefield’s EMEA Structured Finance business is active across all sectors in Europe, supporting the firm’s large network of clients and beyond.