BNP Paribas has provided a loan of more than 250 million euros to the owners of the Fairmont Hotel. London & Regional Properties will use the funds for a major refurbishment of the hotel, which overlooks the famous hairpin bend on the Monaco Grand Prix course.

The company is owned by brothers Richard and Ian Livingstone. The bank is the sole lender. The Fairmont Monte-Carlo is the largest hotel in Monaco, with more than 600 rooms. Nobu and Nikki Beach occupy premises within the hotel.

The BNP deal is the latest in a string of recent lending deals involving high-end hotels, including a partnership between Natixis and Cheyne Capital to fund the 154-million euro acquisition of the Chateau La Messardiere hotel in Saint Tropez by LHC.