Flag Completes Refinancing of the Ritz-Carlton, Miami
Obtains $181 million of 10-year Fixed Rate Financing at a Rate of 6.37%
NEW YORK, NY, August 10, 2006. Flag Luxury Properties, a New York-based developer of luxury resorts and residential communities, today announced that it has completed the refinancing of the Ritz-Carlton, South Beach in Miami. In partnership with The Lionstone Group, a privately owned real estate investment firm, Flag Luxury obtained $181 million of 10-year fixed rate financing at a rate of 6.37 percent. The lenders were Credit Suisse First Boston and Barclay's.
The Ritz-Carlton, South Beach, renovated in December 2003, is a complete restoration of an original 1953 Morris Lapidus-designed landmark hotel in the city's historic Art Deco district. The 376-room hotel offers The Ritz-Carlton Spa featuring La Maison de Beaut'e(c) Carita, a multi-million dollar art collection, Tanning Butler, resident DJ, VIP oceanfront cabanas, water ballet performances and the DiLido Beach Club - the only oceanfront restaurant on South Beach. The hotel is ideally situated in the heart of internationally acclaimed South Beach and is steps away from myriad dining, shopping, entertainment and nightlife options, including those on fashionable Lincoln Road, a thriving ten-block pedestrian mall.
Paul C. Kanavos, Chairman & CEO of Flag Luxury, commented, "Flag Luxury is committed to building and maintaining a portfolio of the finest resort hotels and residential properties. This fixed-rate financing of the Ritz-Carlton is consistent with that business strategy."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
