November 15, 2017 Comments Off on Sunstone Refi’s Bayfront Hilton for $220M Views: 1041 California News, San Diego

Sunstone Refi’s Bayfront Hilton for $220M

Aliso Viejo, CA-based Sunstone Hotel Investors, Inc. refinanced the existing $220 million mortgage loan secured by the Hilton San Diego Bayfront with a new $220 million mortgage loan. The 1,190-room hotel is owned by a joint venture between subsidiaries of Sunstone and Park Hotels & Resorts Inc., in which Sunstone owns a 75% interest in the joint venture.

The loan has a three-year initial term, and three one-year extension options. The interest-only loan provides for a floating interest rate of LIBOR plus 1.05% with a 25 basis point increase during the final one-year extension period, if extended.

The refinancing is expected to reduce Sunstone’s consolidated annual cash interest expense by approximately $2.6 million. The loan replaces the existing loan that was scheduled to mature in August 2019, and had a floating interest rate of LIBOR plus 2.25%.

Read more at PR Newswire

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