November 30, 2010 (FinancialWire) (http://www.financialwire.net/) –  Elbit Imaging Ltd. (NASDAQ: EMITF) said it has completed the refinancing of three of its jointly controlled hotels in London – the Park Plaza Riverbank, the Park Plaza Victoria and the Park Plaza Sherlock Holmes.

The refinancing involves a five-year term facilities totaling GBP165.0 million (around $259 million) with Aareal Bank AG, with a maturity until November 2015.

According to Elbit, the hotels were previously financed by a GBP195.0 million (around $306 million) facility (outstanding GBP181.9 million) (around $285.5 million) from Goldman Sachs International, which was due in March 2011.

The hotels are jointly owned by EI and Park Plaza Hotels Ltd. via three jointly-controlled companies. A separate arrangement with Aareal has been made to meet the costs of terminating an existing interest rate swap amounting to GBP14.4 million (around $22.6 million) which, as part of the overall financing, were settled by Aareal.

Elbit said that the borrowers have undertaken to pay to Aareal the value of the close-out Costs over the next three years.

Israel-based Elbit Imaging operates in the real estate, retail, hospitality and medical imaging sectors, among others.

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