$51M-Plus Refinancing Deal Closes on Sheraton Hotel

VIENNA, VA-Refinancing to the tune of $51.5 million has been secured for the Sheraton Premiere at Tysons Corner. GMAC Commercial Mortgage Corp. supplied the funds, which came in the form of a permanent fixed-rate loan through its Hospitality Industry Division. The borrower is Tysons Corner Hotel Co. LLC, a 50-50 joint venture partnership between FelCor Lodging Trust Inc. and Starwood Hotels & Resorts that acquired the 437-room luxury lodging establishment from SRS Properties in 1999 for nearly $53 million.

Today, the 24-story hotel and the nine-acre parcel it graces have a total assessed value of $51.7 million. A spokesperson tells GlobeSt.com that the purpose of the refinancing package was strictly to allow the borrower to take advantage of currently favorable interest rates.