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The Palace Hotel Obtains a €120 Million Loan to Survive the Crisis

BBVA and Crédit Agricole will share the 120 million euro loan that will allow Marriott to avoid closing the emblematic hotel, which has been renamed The Westin Palace.

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BBVA and Crédit Agricole have granted a 120 million euro loan to the firm Archer Hotel Palace, owned by the Marriott hotel company, to provide liquidity in the face of the current health crisis that has devastated the tourism sector.

The shared loan between the French and Spanish financial entities stems from financing arranged in 2006 for the acquisition of the complex, which has undergone numerous refinancings over the years.

Read the full article in Spanish.

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