| |
|
|
Sonnenblick-Goldman Company arranged a $475 million recapitalization, which resulted in the refinancing of all of the third party corporate debt and all of the debt secured by a portfolio of five of the most recognized luxury boutique hotels in the world: the Morgans, the Royalton and the Hudson in New York; the Delano in Miami and the Mondrian in Los Angeles
The transactions were arranged on behalf of Morgans Hotel Group (formerly known as Inn Schrager Hotels) and its partner NorthStar Capital Investment Group.
The financing was co-provided by Greenwich Capital, Credit Suisse First Boston and Blackacre Capital Management.
The hotel portfolio contains internationally-renowned properties that are strategically located in three of the most desirable, high-barrier-to-entry markets.
"The combination of unique design, world-renowned restaurants, and stylish bars and lounges and a high level of personalized service and exacting standards have translated into unparalleled product differentiation," said Mark J. Gordon, managing director and principal of Sonnenblick-Goldman Company.
This formula has resulted in strong occupancy levels and pricing power, as well as excellent guest retention rates.
"The execution of this transaction further underscores the industry's continued belief in the long-term viability of the upscale boutique hotel sector," Mr. Gordon said.
"The uniqueness of the asset base, combined with the positive trending cash flow and the irreplaceable locations, further contributed to the strong interest by the lending communities."
Sonnenblick-Goldman's transaction team for the assignment included Mr. Gordon and Svetlin Ganchev, senior associate.
| |
|
|
© Contact