Corinthia building second hotel in Tripoli

Corinthia Group is engaged in projects overseas worth a total €850 million. Corinthia yesterday released an artist's impression of how the Medina Tower, under construction in Tripoli, will look. The Tower is the second Corinthia hotel being built in the heart of the Libyan capital.

The group is also building a hotel in Benghazi and a village for expatriates in Jazour, outside Tripoli.

Corinthia last week announced a €15 million bond, bearing an interest rate of 6.25 per cent per annum, which will be redeemable in 2019. The bond may be redeemed three years earlier, however, at the issuer's option.

The net proceeds will be mainly used to redeem the outstanding amount of the 6.5 per cent bonds that mature on April 8 and which total €14,273,700. Apart from the Libyan projects, the group is also developing real estate in London, UK and St Petersburg, Russia.

The £270 million Corinthia Hotel in London is one of the biggest projects of its kind being carried out in the city. The property, just a few months from completion, sits on a 40,000-square-metre prime site straddling Northumberland Avenue and Whitehall Place, with panoramic views over Trafalgar Square, the River Thames and all of the major sights of Westminster.

The project will feature a 300-bedroom luxury hotel, having the largest bedrooms in London, including 45 suites. The project is being hailed as the first new grand hotel in London for the 21st century.