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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