Allied Irish Banks has closed a £36m term loan for Grove International, the sponsor of a hotel project opposite British Airway's headquarters at Heathrow Airport. The loan, which has been syndicated down to Bank of Scotland and Bank of Ireland will be non-recourse during construction. However, because the hotel will be exclusively used by British Airways flight crew, the term loan will be secured on the lease agreements between British Airways and Grove International.
January 23, 1998