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Clifford Chance advises The Student Hotel on green financing

7 December 2017

Clifford Chance advises The Student Hotel on green financing

Clifford Chance Amsterdam has advised The Student Hotel on a 5+1+1-year EUR 310 million financing package consisting of a EUR 240 million term loan, EUR 60 million development RCF and a EUR 10 million guarantee line. The deal includes a EUR 100 million accordion and refinances TSH’s bilateral lines related to its Dutch hotel portfolio. The RCF and accordion provide The Student Hotel with the flexibility to finance new projects in The Netherlands and abroad, thereby contributing to The Student Hotel’s ambitious plans to realise 17,250 rooms in Europe by 2021.

Pricing is linked to the sustainability performance of The Student Hotel. A reduction of the margin can be realised if one or more of The Student Hotel’s ambitious KPIs are met relating to reduction of residual waste, decrease of energy use and hiring of employees with limited employment prospects, measured by independent third parties.

Rabobank acted as Coordinator, green advisor and (Security) Agent for The Student Hotel’s inaugural club deal, alongside additional MLAs ABN AMRO and HSBC. The Student Hotel was advised by Clifford Chance as legal advisor and Deloitte as debt advisor. The Clifford Chance team was led by Titus de Vries and consisted of Jasper Dijkshoorn, Nanette Rutgers, Jelle Hofland, Luc van Oosterhout, Sarah Lewis, Alexander Freund, Stern Flik and Nolan Groenland.

About The Student Hotel
The Student Hotel co-living, co-working business model provides a unique hybrid destination for a fast-growing international community. It was established by founder and CEO Charlie MacGregor. The developer, investor and operator has 4,392 rooms in 11 hotel locations including: Rotterdam, Amsterdam (2 locations: City and West), The Hague, Groningen, Eindhoven, Maastricht, TSH Campus in Barcelona and as The Student Hotel Paris in France. The Student Hotel Florence, Bologna and Dresden will open in 2018, Madrid, Berlin and Delft open in 2019. Rome and Vienna open in 2020. The group plans to have 41 properties (17,550 rooms) in the major European cities by 2021.