Loan proceeds were used to repay six mortgage loans totaling $210 million that were secured by 11 hotels and scheduled to mature this month. The REIT also used the proceeds to unencumber two hotels.
The new loan, which was arranged by Cushman & Wakefield Sonnenblick Goldman's Global Hospitality Group (CSWG), matures in 2015. CWSG professionals Mark Gordon, Jared Kelso, Alison Tan and Ernest Lee represented FelCor in arranging the financing.
"The portfolio of five Embassy Suites and four Sheraton hotels generated strong interest from the lending community as a result of FelCor's exceptional sponsorship, the geographic diversity of the assets, the strong quality of the assets and CWSG's aggressive marketing process," Gordon says.
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