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November 15, 2011

Investcorp buys debt to back Paramount hotel sale

Investcorp's US-based real estate arm has bought two mezzanine loans with a principal balance of $40m from Fillmore Capital Partners, backed by the Paramount Hotel in New York, US.

Investcorp’s US-based real estate arm has bought two mezzanine loans with a principal balance of $40m from Fillmore Capital Partners, backed by the Paramount Hotel in New York, US.

Investcorp said the transaction will allow the company to participate in the hotel investment through the purchase of the two performing loans.

The 20-storey, 597-room Paramount Hotel was bought by RFR in October 2011.

The property will be operated by hotel manager Highgate Holdings on behalf of the new ownership.

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