Morgans Hotel venture closes $185m refinance.Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. announced that a Morgans Hotel Group The Morgans Hotel Group NASDAQ: MHGC (MHG) is a hospitality company that operates, owns, acquires and redevelops boutique hotels in the United States and Europe. joint venture has completed the refinancing of the Sanderson and St Martins Lane hotels in London This article describes the hotels in London, England. Hotels are an important part of London's tourism industry. History Before the 19th century there were few if any large hotels in London. . The new credit facility for the two hotels will be a combined senior and mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). facility through Citigroup International PLC. Jones Lang LaSalle Hotels and the Jones Lang LaSalle Real Estate Investment Banking team in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 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 The term Central London refers to the districts of London which are considered closest to the centre. There is no such conventional definition, nor any official one, for the entire area that can be called "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." Jones Lang LaSalle Hotels, the world's leading hotel investment services group, provides clients with value-added investment opportunities and advice. In the US, Jones Lang LaSalle Hotels is ranked as the leading transaction advisor for hotel sales over $25 million. In 2004, its global success story includes the sale of 23,103 hotel rooms to the value of US$5.2 billion in 85 cities and advisory expertise on 132,498 rooms to the value of US$27.9 billion across 301 cities. Jones Lang LaSalle Hotels' services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , operator assessment and selection and industry research. During the past three years Jones Lang LaSalle's Real Estate Investment Banking (REIB) group has closed over $3.0 billion of transactions. |
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