Saudi Arabia's Kingdom Holding, the investment firm of billionaire Prince Alwaleed bin Talal, has completed the refinancing of a €350 million ($381.3 million) loan facility, it said on Monday.

The loan, backed by the Four Season Hotel George V, was extended by a consortium of three banks, Kingdom Holding said in an emailed statement.

Credit Agricole Corporate and Investment Bank, Natixis Pfandbriefbank and Societe Generale Corporate and Investment Banking acted as co-lead arrangers, the statement said, while Credit Agricole acted as facility and security agent.

Prince Alwaleed commented, “The Four Seasons Hotel George V has been repeatedly recognized as one of the best, if not the best, city hotels in the world. This debt refinancing transaction speaks to the property’s iconic status and to the underlying value it commands today in the most prestigious hotel market in the world.” HRH added: “France continues to be a critical area of focus for KHC foreign investment, and we are very pleased to be partnering with a consortium of French banks in this landmark deal.”

Characterized as a palace hotel, the Four Seasons Hotel George V, Paris redefines luxury in the City of Light. The hotel offers 244 spacious guestrooms and multiple world-class food and beverage outlets including the two-Michelin starred Le Cinq and the newly opened Le George.

The Four Seasons Hotel George V was ranked ‘Best City Hotel Worldwide’ and ‘Best European City Hotel’ in The Gallivanter’s Guide for 11 years. It was awarded the ‘Best Hotel in Europe’ for the 5th consecutive year by British magazine Ultratravel.

Sarmad Zok, Chairman and CEO of KHI and Member of KHC’s Board of Directors commented, “The Four Seasons Hotel’s market leadership position since its acquisition by Kingdom is underpinned by the product’s superior quality and the exceptional performance by Four Seasons management.” – TradeArabia News Service