IRVING, TX— FelCor Lodging Trust, a REIT, has received a minimum commitment of $325 million for a non-recourse first mortgage loan and related mezzanine financing, which is being put in place in connection with the May 2001 announcement of FelCors $2.7 billion acquisition of MeriStar Hospitality Corp. Morgan Guaranty Trust Company of New York and Deutsche Bank are providing the first mortgage loan, and Deutsche Banc Alex.Brown is arranging the mezzanine financing. The mortgage loan will have an initial term of three years, will be extendible for an additional two years, and will be secured by 17 hotels. The mezzanine financing also will have an initial term of three years, will be extendible for an additional two years, and will be secured by a pledge of the ownership interests in the entity owning the mortgaged properties. The financings are subject to the closing of the merger, and other customary closing conditions, and are scheduled to close immediately following the merger.
Previous ArticleMarriott Opens First Hotel In Portugal
Next Article New Resort To Be Built In Costa Rica