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Lehman Brothers Refinances Eight HRO Hotels for $200M

CHICAGO-A joint venture of HEI Hospitality, Rockwood Capital and Olympus Real Estate gets higher leverage and flexibility in new debt after 15 lenders make pitches to Jones Lang LaSalle.

By Mark Ruda | Updated on May 25, 2005

CHICAGO-A joint venture of HEI Hospitality, Rockwood Capital and Olympus Real Estate has refinanced eight properties acquired from Starwood Hotels in 2003 with a $200-million loan from Lehman Brothers. Lehman Brothers emerged as the winner from a field of 15 lenders vying to refinance the properties.

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.

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