DiamondRock Hospitality Company and Strategic Hotels & Resorts released information regarding the companies’ debt-encumbered hotels as part of their first-quarter filings with the U.S. Securities and Exchange Commission. Listed below are the debt details.
DiamondRock
| Property | Principal balance (as of 25 March 2011) | Interest rate |
| Chicago Marriott Downtown Magnificent Mile | US$216.33 million | 5.975% |
| Renaissance Waverly | US$97 million | 5.503% |
| Renaissance Austin | US$83 million | 5.507% |
| Marriott Los Angeles Airport | US$82.6 million | 5.30 |
| Frenchman's Reef & Morningstar Marriott Beach Resort | US$60.32 million | 5.44% |
| Orlando Airport Marriott | US$58.87 million | 5.68% |
| Renaissance Worthington | US$56.14 million | 5.40% |
| Courtyard Manhattan/Fifth Avenue | US$51 million | 6.48% |
| Courtyard Manhattan/Midtown East | US$42.56 million | 8.81% |
| Marriott Salt Lake City Downtown | US$31.33 million | 5.50% |
Strategic
| Property | Spread (1) (basis points) | Maturity | Balance outstanding on 31 March 2011 |
| Westin St. Francis (2) | Fixed | June 2017 | US$220 million |
| Fairmont Scottsdale | 56 | September 2011 | US$180 million |
| InterContinental Chicago | 106 | October 2011 | US$121 million |
| Loews Santa Monica Beach Hotel | 63 | March 2012 (3) | US$118.25 million |
| Fairmont Chicago (2) | Fixed | June 2017 | US$97.75 million |
| Hyatt Regency La Jolla | 100 | September 2012 | US$97.5 million |
| InterContinental Miami | 73 | October 2011 | US$90 million |
| Ritz-Carlton Half Moon Bay | 67 | March 2012 (3) | US$76.5 million |
(1) Interest is paid monthly at the applicable spread over LIBOR (0.24% at 31 March 2011) for all loans except for those secured by the Westin St. Francis, and the Fairmont Chicago. Interest on the Westin St. Francis and Fairmont Chicago loans is paid monthly at an annual fixed rate of 6.09%.
(2) These loan agreements require maintenance of financial covenants, all of which the company was in compliance with at 31 March 2011.
(3) In February 2011, the company exercised the final options to extend the maturity dates of these loans by an additional year to March 2012.