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CIBC and Merrill back Nomura's hotel purchases with jumbo loan

CIBC and Merrill Lynch are managing a £2.4bn (€3.97bn) leveraged loan package to support Nomura's acquisition of Le Meridien Hotels from Compass Group, the UK leisure company, together with a series of previous purchases.

Nomura Principal Finance Group on Friday agreed to pay £1.9bn to buy Le Meridien Hotels. The portfolio consists of 146 hotels including the prestigious Grosvenor House in London and the Waldorf chain. The agreement comes a month after Nomura PFG submitted a £1.85bn bid.

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