The assets include Sheraton Buckhead in Atlanta; Hilton Sonoma County in Santa Rosa, CA; Sheraton Ferncroft resort in Danvers, MA; a Sheraton in Danbury, CT; a Westin in Stamford, CT; Sheraton College Park in Beltsville, MD; and a Sheraton in Norfolk, VA. The portfolio includes one property that is being sold as well as another that was closed most of last year for renovations, according to Jones Lang LaSalle, which arranged the financing after fielding 15 bidders.

"Lenders were extremely aggressive, despite the fact that this was a complex transaction," says Jones Lang LaSalle investment banking senior vice president Rick Hollander. "The refinancing relieved the portfolio from the burden of existing lower leverage and more restrictive senior mortgage and mezzanine financing that had been previously securitized," explains Jones Lang LaSalle Hotels chief executive officer Arthur Adler, adding the new loan allows HRO to prepay a portion of the debt without penalty.