Jones Lang LaSalle Announces that a Morgans Hotel Group Venture has Closed $185 million Refinancing
NEW YORK, NY, December 12, 2005. Jones Lang LaSalle today announced that a Morgans Hotel Group joint venture has completed the refinancing of the Sanderson and St Martins Lane hotels in London. The new credit facility for the two hotels will be a combined senior and mezzanine loan facility through Citigroup International PLC. Jones Lang LaSalle Hotels and the Jones Lang LaSalle Real Estate Investment Banking team in New York arranged the financing as agents for the ownership joint venture.
The full service boutique hotels are owned by a joint venture of Morgans Hotel Group and Burford Holdings Limited and boast 354 rooms. They are both located in Central London.
"Jones Lang LaSalle conducted a comprehensive marketing process that generated strong bids, resulting in a high leverage, low cost financing for the borrower," said Rick Hollander, executive vice president of Real Estate Investment Banking for Jones Lang LaSalle. "On the back of improving trading fundamentals within the majority of European hotel markets, we are seeing much more aggressive lending."
"The refinancing of these hotels illustrates the emerging importance of structured debt finance to the hotel investment market," said Arthur Adler, managing director and CEO-Americas of Jones Lang LaSalle Hotels in New York. "This transaction further reinforces the strength of Jones Lang LaSalle Hotels' global platform and the firm's ability to source the best capital solutions for our clients, regardless of the location of the asset and the region of the world from which the capital originates."
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