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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges $212 million Refinancing on Behalf of FelCor Lodging Trust |
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Friday, April 30, 2010
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New York, NY
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Refinancing demonstrates continued strong lender appetite for hospitality
New York (April 30, 2010) – Cushman & Wakefield Sonnenblick Goldman’s Global Hospitality Group (CWSG), serving as exclusive advisor to FelCor Lodging Trust Incorporated (NYSE: FCH), has arranged a $212 million floating-rate financing for a nine-hotel portfolio aggregating approximately 2,500 rooms.
CWSG professionals Mark Gordon, Jared Kelso, Alison Tan and Ernest Lee represented FelCor in arranging the financing.
According to Mark Gordon, a CWSG executive vice president and head of the firm’s U.S. Hotel Group, “our team was able to help structure this unique transaction on an expedited timeline, allowing our client to exceed its expectations by consolidating multiple maturing loans and reducing their overall cost of borrowing.”
Furthermore, Mr. Gordon comments, “the portfolio of five Embassy Suites and four Sheratons generated strong interest from the lending community as a result of FelCor’s exceptional sponsorship, the geographic diversity of the assets, the strong quality of the assets and CWSG’s aggressive marketing process.”
The CWSG Global Hospitality Group restructured and refinanced 23 hotels over the past 24 months which range in asset quality from luxury to select-service.
The group is currently in the market with several other hotel loans in geographically diverse US markets and is receiving strong interest from the lending community on each transaction.
About FelCor Lodging Trust Incorporated:
FelCor, a real estate investment trust, is the nation’s largest owner of upper-upscale, all-suite hotels. FelCor owns interests in 84 hotels and resorts, located in 23 states and Canada. FelCor’s portfolio consists primarily of upper-upscale hotels, which are flagged under global brands - Embassy Suites Hotels®, Doubletree ®, Hilton®, Marriott®, Renaissance®, Sheraton®, Westin® and Holiday Inn®. Additional information can be found on the Company’s Web site at www.felcor.com.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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