A combined refinancing package of US$465m in project debt across all three phases has also been secured.
The third phase project – known as Group C - includes approximately 3,800 hotel rooms that will be built or renovated on 18 military installations throughout the USA. Lend Lease is the asset manager, developer and design-builder for the entire portfolio. InterContinental Hotels Group (IHG) is the PAL hotel operator.
Lend Lease group chief executive officer and managing director Steve McCann said that the collaboration with the US Army demonstrates Lend Lease’s long-term commitment to privatised partnerships like PAL. “In total, across all three phases, the PAL programme will result in the development and/or renovation of more than 11,600 hotel rooms across 39 military installations, cementing Lend Lease’s platform in the sector,” he said.