Sunstone Hotel Investors (SHO) Refinances Loans Secured by Doubletree Guest Suites & Announces Sales of Mortgege Note
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Sunstone Hotel Investors, Inc. (NYSE: SHO) announced today that it has refinanced the $270 million loan secured by interests in the 460-room Doubletree Guest Suites Times Square.
The Hotel was refinanced with a new $180 million seven-year, non-recourse mortgage. The new mortgage is interest only for the first 24 months and bears a floating interest rate of 3-month LIBOR plus 325 basis points. The Company funded the remainder of the repayment of the prior loan with approximately $90 million of its unrestricted cash.
The Company also announced today the sale of the first mortgage note held in conjunction with its sale of the Royal Palm hotel in April 2011. The $90 million Note bears a variable interest rate of LIBOR plus 500 basis points, subject to a 1% LIBOR floor, and matures in December 2013.
The Hotel was refinanced with a new $180 million seven-year, non-recourse mortgage. The new mortgage is interest only for the first 24 months and bears a floating interest rate of 3-month LIBOR plus 325 basis points. The Company funded the remainder of the repayment of the prior loan with approximately $90 million of its unrestricted cash.
The Company also announced today the sale of the first mortgage note held in conjunction with its sale of the Royal Palm hotel in April 2011. The $90 million Note bears a variable interest rate of LIBOR plus 500 basis points, subject to a 1% LIBOR floor, and matures in December 2013.
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