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Case Study

Successful Refinancing of 828-key portolio - Hyatt House extended-stay hotels

JLL's Hotels & Hospitality  was hired by RLJ Lodging Trust to secure financing to facilitate the repayment of existing debt encumbering a portfolio of extended-stay hotels maturing in April 2012. The sponsor requested a fixed- or floating-rate, non-recourse loan with a minimum term of five years.
The 828-key portfolio consists of six Hyatt House extended-stay hotels located in Texas and Colorado:
- Hyatt House Dallas / Uptown (Dallas, TX)
- Hyatt House Dallas / Lincoln Park (Dallas, TX)
- Hyatt House Dallas / Richardson (Dallas, TX)
- Hyatt House Austin / Arboretum (Austin, TX)
- Hyatt House Houston / Galleria (Houston, TX)
- Hyatt House Colorado Springs (Colorado Springs, CO)
The portfolio boasted strong in-place cash flow, with RevPAR up by 12.5% in 2011 and net operating income growing by 16.0% over the same period.  The portfolio's net operating income in 2011 of $7.7 million represented an in-place debt yield of 11.9%.
The team successfully secured a $63.0 million five-year, senior mortgage loan at a very competitive interest rate from a national domestic bank in May 2012.
For more information please contact Mathew Comfort, 001 212 812 5871.

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