NEW YORK CITY-Cerberus Capital Management LP has reorganized over $1.3 billion of debt on the Kyo-ya resort portfolio. The reorganizing of the debt will help Cerberus to retain the portfolio, which includes Palace Hotel, a 550-room property in San Francisco, Sheraton Waikiki Hotel, a 1,700-room property in Honolulu, Royal Hawaiian, a 530-room hotel in Honolulu, and three others.
Cerberus secured the Kyo-ya resorts in 2004 and put approximately $1.8 billion of debt on the property in 2006. For the full story, go to Wall Street Journal .
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