Californian Hotel to Restructure Debt

10th November 2010 (Last Updated November 10th, 2010 18:30)

Strategic Hotels & Resorts, owner of the Hotel del Coronado in California, US, has unveiled plans to restructure more than $630m in debt on the property. The firm's spokeswoman Diane Morefield said the company has no plans to file for bankruptcy. The owner will move $26

Strategic Hotels & Resorts, owner of the Hotel del Coronado in California, US, has unveiled plans to restructure more than $630m in debt on the property.

The firm’s spokeswoman Diane Morefield said the company has no plans to file for bankruptcy.

The owner will move $260m in debt to LNR Partners, a special servicer that will seek an outside investor, according to nctimes.com.

Revenue per available room and occupancy rates for the property have shown improvements over the past year, Morefield told North County Times.