Pushy euros up hotel deal to $189m.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. Hotels 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 $189 million 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. . "Jones Lang LaSalle conducted a comprehensive marketing process that generated strong bids, resulting in a high leverage, low cost financing for the borrower," said Seabrook, executive vice president, Jones Lang LaSalle Hotels. "On the back of improving trading fundamentals within the majority of European hotel markets, we are seeing much more aggressive lending." Rick Hollander, executive vice president of Jones Lang LaSalle Real Estate Investment Banking, added: "The refinancing of the Sanderson and St Martins Lane hotels is one example of how structured debt finance is becoming an important part of the hotel investment market." 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 City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. 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. |
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