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SAN FRANCISCO-Personality Hotels has refinanced its three Union Square-area hotels here with a $54-million loan from an undisclosed "Wall Street" lender. The 10-year, fixed-rate loan is for 85% of the value of the combined portfolio and has a 30-year amortization schedule, according to Los Angeles-based Holliday Fenoglio Fowler, which arranged the financing.

The refinanced properties are Hotel Union Square, Hotel Diva and the Steinhart Hotel. The Hotel Union Square has 131 rooms, the Hotel Diva has 116 rooms and the Steinhart Hotel is an extended-stay hotel with 57 units.

"Increasing the aesthetic appeal will enable the hotels to command a higher average daily rate and ultimately capture a larger share of the growing San Francisco tourist market, particularly the younger, trendier traveler who wants to stay in Union Square but is unable to afford the more expensive hotels," says HFF managing director Mitch Paskover, which represented Personality Hotels in the transaction.