Strategic Hotels Unveils New Credit Facility

4th July 2011 (Last Updated July 4th, 2011 18:30)

Strategic Hotels & Resorts has completed a new secured and revolving credit facility worth $300m, with an accordion feature allowing an additional borrowing capacity of up to $400m. The facility is secured by the Four Seasons Punta Mita, Marriott Lincolnshire, Ritz-Carlton Half Mo

Strategic Hotels & Resorts has completed a new secured and revolving credit facility worth $300m, with an accordion feature allowing an additional borrowing capacity of up to $400m.

The facility is secured by the Four Seasons Punta Mita, Marriott Lincolnshire, Ritz-Carlton Half Moon Bay and Ritz-Carlton Laguna Niguel hotels, and replaces a $350m credit facility that will mature in March 2012.

Strategic Hotels chief financial officer Diane Morefield said the facility establishment provides favourable pricing and terms, a flexible corporate borrowing capacity into 2015 and represents a vital component of its overall balance sheet restructuring strategy.

Strategic Hotels owns interests in 17 properties with an aggregate of 7,762 rooms.