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Mon June 21 2021

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Lend Lease reaches financial close on $367m US Army scheme

2 May 13 Lend Lease has reached financial close on the US$367m (£236m) third phase of the US Department of the Army’s privatisation of army lodging (PAL) programme.

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.

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