LAS VEGAS— Hotspur Nevada Resorts Inc. has closed on its refinance of the JW Marriott Las Vegas. according to a published report. The $155-million, Libor-based, floating-rate loan was provided by Credit Suisse First Boston and will be part of a larger securitization later this year. The loan term is five years, including extension options. The financing represents 60% of the value of the asset, which Hotspur Nevada Resorts Inc. bought out of bankruptcy in September 2001 for $80 million. It proceeded to spend $20 million repositioning and rebranding the hotel-casino. As a result, the underperforming Regent Summerlin Resort, built at a cost of about $300 million, is now the JW Marriott Las Vegas Resort & Spa at Summerlin, a 541-key, five-star hotel with a 40,000-sf spa, meeting facilities and about 60,000 sf of casino space. The financing was sourced by Sonnenblick-Goldman Co.
