Strategic Hotels Closes Recourse Loan

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

Strategic Hotels & Resorts has announced the closing of a $110m limited recourse loan secured by the Loews Santa Monica Beach Hotel. According to Strategic Hotels, the new financing replaces the $118.3m previously encumbering the property, with the differential to the previous loa

Strategic Hotels & Resorts has announced the closing of a $110m limited recourse loan secured by the Loews Santa Monica Beach Hotel.

According to Strategic Hotels, the new financing replaces the $118.3m previously encumbering the property, with the differential to the previous loan amount funded on the company’s revolving credit facility.

Strategic Hotels & Resorts CFO Diane Morefield said the loan allows for a term of up to seven years, which complements the company’s stated strategy of staggering all future debt maturities.

The company has ownership interests in 17 properties, with a total of 7,762 rooms.