Schrager's $580m refinance complete.Carlton Advisory Services' Chairman Howard L. Michaels has announced that Carlton has arranged $580 million in floating rate financing to refinance Ian Schrager's 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. . The properties are some of the most fashionable, popular and profitable hotel assets in the country and total 1,516 keys. The assets include the Hudson, Royalton and Morgans 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 , the Delano in Miami Beach Miami Beach, city (1990 pop. 92,639), Dade co., SE Fla., on an island between Biscayne Bay and the Atlantic Ocean; inc. 1915. It is connected to Miami by four causeways. and the Mondrian in West Hollywood. In order to satisfy the Borrower's capital request, Michaels accessed Wachovia and Hypo Bank to provide the funds, which were significantly greater than the existing financing This transaction marks yet another significant achievement for Michaels, who has become one of the country's leading deal and rain makers. In the last six months, Michaels has completed in excess of $5 billion in transactions which include the recapitalization of the General Motors Building, the CS First Boston and SL Green joint venture and credit lease financing of One Madison Avenue, the 1.6 million square foot Bank of America Center There are two Bank of America Centers
In addition, Carlton's Hospitality Group (CHG CHG Change CHG Charge CHG Changed CHG Chlorhexidine Gluconate (aka chloraprep) CHG Centre Hospitalier Général (French: general hospital) CHG Come Holy Ghost (Catholicism) ) is off to its best start ever and has either closed or is presently transacting over $3 billion in exclusive hotel assignments. Brendan Sullivan, John Bralower and Kenneth Herzberg work closely with Mr. Michaels on arranging equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for these large hospitality transactions. |
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