The part owner of trendy London hotels The Sanderson and St Martins Lane has successfully refinanced its debt on the properties. Morgans Hotel Group, with operates and owns the hotels with an affiliate of Walton Street, has secured new debt on the properties with Aareal Bank. The new loan matures in July 2015. Marc Gordon, president of Morgans Hotel Group said: “During a period where there are few new hotel mortgage loans, this financing highlights the quality of MHG’s assets and reinforces our track record of securing attractive financing for our hotels. “We appreciate the confidence our new lender, Aareal Bank, has shown in our London properties and our team’s ability to operate them efficiently and successfully. “This refinancing will allow us to continue to focus on delivering a truly unique guest experience and will enable us to build on the long term value and financial performance of Sanderson and St Martins Lane.” Giorgio Manenti, executive vice president at Jones Lang LaSalle Hotels, which advised on the refinancing, said: “This ground breaking deal is of great encouragement to the market, proof that competitive financing is achievable on the back of solid business fundamentals.” samantha.mcclary@estatesgazette.com To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
The part owner of trendy London hotels The Sanderson and St Martins Lane has successfully refinanced its debt on the properties. Morgans Hotel Group, with operates and owns the hotels with an affiliate of Walton Street, has secured new debt on the properties with Aareal Bank. The new loan matures in July 2015. Marc Gordon, president of Morgans Hotel Group said: “During a period where there are few new hotel mortgage loans, this financing highlights the quality of MHG’s assets and reinforces our track record of securing attractive financing for our hotels. “We appreciate the confidence our new lender, Aareal Bank, has shown in our London properties and our team’s ability to operate them efficiently and successfully. “This refinancing will allow us to continue to focus on delivering a truly unique guest experience and will enable us to build on the long term value and financial performance of Sanderson and St Martins Lane.” Giorgio Manenti, executive vice president at Jones Lang LaSalle Hotels, which advised on the refinancing, said: “This ground breaking deal is of great encouragement to the market, proof that competitive financing is achievable on the back of solid business fundamentals.” samantha.mcclary@estatesgazette.com To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
