Estudio Echecopar, member firm of Baker & McKenzie International advised Peru Belmond Hotels S.A. (the "Borrower") and entities of its economic group that acted as guarantors, which included Belmond Peru Ltd, Peru Hotel Machu Picchu S.A. and Peru Holding de Turismo S.A.A. (the "Guarantors") in connection with the preparation and execution of a USD 30,000,000.00 senior secured loan under the laws of New York granted by Banco Santander S.A. and Banco Santander Peru S.A., with the intervention of Banco de Crédito del Perú as Administrative Agent (the "Transaction"). The use of proceeds involved, among others, the refinance of the existing debt of the Borrower with Banco Santander Peru S.A. for an outstanding amount of USD 19’625,000.00 (the “Existing Debt”) and the financing of general corporate purposes and capital expenses of the Borrower.

Estudio Echecopar and Cleary Gottlieb Steen & Hamilton LLP provided joint support to the Borrower and the Guarantors in connection with the Peruvian law and New York law transaction documents, respectively. The Peruvian Transaction documents involved the complete security package, which was composed of a pledge agreement over shares, a creditors agreement, a conditioned assignment of rights, and the amendment of two trust agreements governed by Peruvian law that secured the Existing Debt.

Partner Marco Alarcon and associate Adrian Tovar advised Peru Belmond Hotels S.A. and the guarantors throughout the process.