HFF Refis Investcorp Hotel Portfolio for $120M

NEW YORK CITY-Just before the busy holiday travel season, a troubled nine-building full-service hotel portfolio has been refinanced for $120 million, says capital markets firm HFF, which arranged the deal. The portfolio, owned by the US real estate arm of Investcorp, is spread across eight states totaling 2,264 rooms in California, Florida, Massachusetts, Minnesota, New Jersey, New York, Pennsylvania and Texas.

According to HFF, which declined to comment beyond a news release about the deal, the firm worked exclusively on behalf of Investcorp to secure the adjustable-rate loan through JP Morgan Chase Bank NA. The loan proceeds were used to refinance an existing first mortgage. The portfolio was previously bought by a joint venture of Goldman Sachs and Highgate Holdings in 2005, according to Real Capital Analytics.