The contract is for a fixed rate of 4.775% plus the credit spread in effect on the company's line of credit, currently at 200 basis points. RFS operates a Residents Inn in Charlotte, a Holiday Inn in Columbia, SC and a Comfort Inn in Fort Mill, SC.
In a prepared statement, Kevin Luebbers, executive vice president and CFO of RFS, says "approximately 92% of RFS's debt is now fixed at an average interest rate of 7.7%."
The REIT owns 59 hotels with 8,600 rooms in 24 states. RFS's hotel portfolio comprises Sheraton, Residence Inn by Marriott, Hilton, DoubleTree, Holiday Inn, Hampton Inn and Homewood Suites by Hilton brands.
By segment, RFS receives 46% of its EBITDA from full service hotels, 30% from extended stay hotels and 24% from limited service hotels, according to the company..
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
