(To read more on the debt and equity markets, click here.)
INDIANAPOLIS-LaSalle Hotel Properties, a multi-tenant, multi-operator REIT, has secured a $101.8-million loan with Bank of America N.A. The company used the 615-room Indianapolis Marriott Downtown, 350 W. Maryland St., as collateral.
According to company documents, proceeds from the loan were used to pay off the previous $57-million mortgage secured by the hotel and reduce the company's outstanding balance on its credit facility. The term of the loan is 10 years and is at a fixed annualized interest rate of 5.99%.
The Indianapolis Marriott Downtown is the city's largest hotel with 615 guest rooms and 40,000 sf of meeting space. It is located in the heart of Downtown Indianapolis and connected to the Indiana Convention Center & RCA Dome. Bethesda, MD-based LaSalle Hotel Properties owns 28 full-service hotels, totaling approximately 8,400 guest rooms in 15 markets in 11 states and the District of Columbia.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.