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Ramsfield arranges $6m loan extension.

In a structured loan on behalf of the Garrett Hotel Group, an owner of world-class hostelries, Ramsfield Hospitality Finance, closed a five-year, $6.5 million subordinated financing package.

The loan will enable GHG to consolidate its existing debt obligations and to invest in its premier assets, The Point and Lake Placid Lodge, consistently rated two of the most luxurious and elite lodging establishments in the U.S.

"We pride ourselves on our ability to create debt instruments for the hospitality industry that meet our borrower's needs," said Richard Mandel, President of RHF. "We are very pleased to become involved with GHG and these spectacular assets."

Situated on a 10-acre peninsula in Upper Saranac Lake, New York, The Point, originally built as the summer home of William Avery Rockefeller in 1929, is a five-star ultra exclusive boutique hotel.

RHF Vice President Erik Warner added, "These properties are a part of the fastest growing segment of our industry--high-end lifestyle boutique hotels. Our proceeds will allow these premium, trend setting assets to continue to flourish and remain leaders in their respective markets."
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Title Annotation:Ramsfield Hospitality Finance to finance Garrett Hotel Group
Publication:Real Estate Weekly
Article Type:Brief Article
Date:May 25, 2005
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