Strategic Hotels Closes InterContinental Recourse Loan

31st July 2011 (Last Updated July 31st, 2011 18:30)

Strategic Hotels & Resorts is to close the $145m limited recourse loan secured by the InterContinental Chicago hotel. According to Strategic, the new financing will replace the $121m financing previously encumbering the property. Under the terms of the agreement, the loa

Strategic Hotels & Resorts is to close the $145m limited recourse loan secured by the InterContinental Chicago hotel.

According to Strategic, the new financing will replace the $121m financing previously encumbering the property.

Under the terms of the agreement, the loan bears interest at a fixed rate of 5.61% and has a ten-year term.

The company recently closed a $110m limited recourse loan secured by the Loews Santa Monica Beach Hotel.