Thayer refinances Interstate Hotels stake

1 min reading time

Published on 13/05/11 - Updated on 17/03/22

Thayer Lodging Group has completed the refinancing of its 50% stake in Interstate Hotels & Resorts.“The recapitalization of our management joint venture at more favorable rates will result in significant interest savings and further increases our financial flexibility and investment returns,” says George Dabney, managing director of treasury for Thayer. Thayer has already had an active 2011, having acquire two upscale hotels—the 337-key JW Marriott San Francisco Union Square and the 304-key Hotel Palomar Atlanta Midtown, which it has since reflagged as Renaissance Atlanta Midtown.Thayer and 50-50 joint venture partner Shanghai Jin Jiang International Hotels last month closed on a US$128 million senior secured credit facility provided by Industrial and Commercial Bank of China. Proceeds from the refinancing were used to retire an existing syndicated credit facility, as well as a first mortgage debt secured by one of Interstate’s wholly-owned hotels.“The recapitalization of our management joint venture at more favorable rates will result in significant interest savings and further increases our financial flexibility and investment returns,” says George Dabney, managing director of treasury for Thayer. Thayer has already had an active 2011, having acquire two upscale hotels—the 337-key JW Marriott San Francisco Union Square and the 304-key Hotel Palomar Atlanta Midtown, which it has since reflagged as Renaissance Atlanta Midtown.

For further

Every week, the HON team brings you an expert look at the world of hospitality. By becoming a member, you will have access to a complete ecosystem: exclusive content, jobs, etc.

BECOME A MEMBER

Sign up to add topics in favorite. Sign up to add categories in favorite. Sign up to add content in favorite. Register for free to vote for the application.

Already signed up? Already signed up? Already signed up? Already registered?