Anglo Irish Bank provided the financing, with a $157.7-millionposition in the deal and a $55-million subordinate position sold toApollo Real Estate Finance Corp. and a $150-million senior positionto CIBC.
Ben Singer, senior vice president with Jones Lang LaSalle,arranged the financing for Thor. "We took this property out to abroad, yet targeted group of lenders that we knew offered certaintyof closing," Singer says in a statement.
Thor purchased the 23-story hotel in August 2005 from HiltonHotels Corp. for $215.4 million. Thor has already started therenovation program, which includes a lobby redevelopment,consolidating three restaurants into one.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
