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Financing Terms: April-July 2011

• The US$110-million loan on the Loews Santa Monica Beach matures 14 July 2015. • The Hilton Minneapolis’ US$100-million loan amortizes on a 25-year schedule and is non-recourse. • Aareal Capital Corporation was the lender for the InterContinental Chicago’s US$85-million financing. • More.
By the HNN editorial staff
August 22, 2011 | 3:00 P.M.

 Following is a list of financing deals taking place between April and July 2011. This is not intended to be a comprehensive list. Only those deals for which the following information was available are listed.

Property Location Rooms Date Loan Interest rate Fixed/floating Term Lender Owner Shawn A. Turner's take
Loews Santa Monica Beach Santa Monica, California 342 July 2011 US$110 million LIBOR plus 385 basis points Floating Four years, and three one-year extensions Wells Fargo Bank, N.A. Strategic Hotels & Resorts Maturity date is 14 July 2015.
Hilton Minneapolis Minneapolis 821 April 2011 US$100 million 5.46% Fixed 10 years Royal Bank of Scotland DiamondRock Hospitality Company The loan amortizes on a 25-year schedule and is non-recourse.
Hyatt Regency Boston Boston 498 June 2011 US$95 million 5% Fixed Five years Goldman Sachs Chesapeake Lodging Trust Chesapeake acquired the hotel on 18 March 2010.
InterContinental Chicago Chicago 792 July 2011 US$85 million LIBOR plus 350 basis points Floating Five years and two one-year extensions Aareal Capital Corporation Strategic Hotels & Resorts Maturity date is 1 August 2021.

Source: STR Analytics

News | Financing Terms: April-July 2011