Canadian hotel real estate investment trust (REIT) InnVest announced it refinanced a $177m mortgage backed by 40 hotel properties. The refinanced loan has a three-year term and an interest rate of 7.5% and is expected to close in 30 days. The original loan was set to mature in July 2010. “We are pleased to have achieved this hotel financing in the current lending environment. Our priority continues to be to proactively strengthen our balance sheet and liquidity during this challenging period,” said InnVest president and CEO Kenneth Gibson. “Having addressed this maturity, InnVest does not have any significant debt maturities until 2011.” The REIT said its portfolio of 145 properties containing 19,000 guest rooms is the largest hotel portfolio in Canada. It has an interest in the country’s largest hotel franchisor, Choice Hotels Canada, and operates hotels under a variety of brands, including Comfort Inn, Holiday Inn, Radisson, Hilton, Sheraton Suites and Best Western. Write to Austin Kilgore.
Canadian Hotel REIT Refinances $177m Loan
Most Popular Articles
Latest Articles
Did lower mortgage rates slow housing inventory growth?
After two weeks of significant increases, my model for inventory growth with higher mortgage rates came crashing down last week.
-
Labor market report is good news for mortgage rates
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts