MIAMI-Morgan Hotel Group of New York City reports it has refinanced its $100-million line of credit on the Delano South Beach hotel here.
The refinancing was part of the hotelier's securing a $450-million credit facility from Citigroup Global Markets, according to the South Florida Business Journal.
The credit facility also included a $180-million mortgage on the Hudson Hotel in Manhattan. A portion of the transaction's proceeds went to repay a $37-million loan on the Delano South Beach.
"We are pleased to have successfully completed the refinancing of the debt of Hudson and Delano South Beach on attractive terms that provide the company with additional liquidity and extend key maturities on these properties while maintaining flexibility with these assets," Morgan Chairman and interim CEO Jason T. Kalisman states. "This gives us the liquidity to address the company's current (loan) maturities and we believe this puts the company in a much stronger financial position." See story in the South Florida Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
