News / Lend Lease reaches financial close on US army lodging privatization program

Lend Lease reaches financial close on US army lodging privatization program

🕔 May 13, 2013
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Lend Lease  announced on 1 May 2013 that it has reached financial close on Group C, the third phase of the US Department of the Army's Privatisation of Army Lodging program. The total construction value for the third phase is US$367 million.

A combined refinancing package of US$465 million  in project debt across all three phases has also been secured.

The project:

The Group C project includes approximately 3,800 hotel rooms that will be built or renovated on 18 military installations throughout the United States. Lend Lease is the asset manager, developer and design builder for the entire lodging portfolio. InterContinental Hotels Group  is the Privatisation of Army Lodging hotel operator.

The PAL contract was awarded to Actus Lend Lease, an Australian based corporation, through a sole source contract with a 50-year lease to build and run privatized hotels on 42 U.S. Army bases.  Lend Lease chose UK based InterContinental Hotels Group (IHG) as their hotel operator.

To finance this lodging project, Lend Lease had to sell bonds to private investors.

Source: Lend Lease

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