Carlton does a deal for Santa Rosa hotel.Carlton Advisory Services' chairman Howard L. Michaels has announced that Carlton arranged and closed a $10.5 million mortgage for its client's refinancing Refinancing An extension and/or increase in amount of existing debt. of a 138-room Courtyard by Marriott Courtyard by Marriott is a brand of hotels owned by Marriott International. They have over 2,800 hotels worldwide, as of June 2007. Courtyard by Marriott is designed for business travelers. , located in Santa Rosa Santa Rosa, city, Argentina Santa Rosa, city (1991 pop. 80,629), capital of La Pampa prov., central Argentina. It is a modern city and road junction surrounded by a rich agricultural and cattle-raising area. , Ca. The property is a five-story, full-service hotel serving business and vacation travelers in the prominent wine growing/recreation area of Sonoma county. Carlton arranged the financing on behalf of an established West Coast hotel owner/operator. Carlton executive Ruth Barone represented the borrower and placed the financing for this transaction. The five-year, non-recourse loan was provided by a major investment bank and featured a floating rate of 350 over LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). with a five percent floor. The financing enabled the owner to retire existing debt at a much more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. interest rate and terms. Carlton provided the owner with multiple financing options from qualified lenders in order to achieve the optimal debt structure for the asset resulting in lower costs and increased cash flow. |
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