(Read more on the debt and equitymarkets.)
MIAMI-The 641-room InterContinental Miami hotel at 100 ChopinPlaza has received $26 million in mezzanine refinancing. Thefinancing was provided by New York City-based Pembrook CapitalManagement. The loan is a floating-rate indexed off of one-monthLibor and matures in October 2008 with three one-year extensionoptions. The financing will be used to repay existing debt.
The 34-story four-start hotel, owned and managed by StrategicHotels & Resorts and InterContinental Hotels Group, overlooksthe Biscayne Bay in the Seaport section of downtown Miami. It iscurrently undergoing a $15 million renovation to add a health spaand fitness center and make other improvements.
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