Assignment Overview
The partners advised Larco Hospitality on the financing of a portfolio of five full-service hotels located in the major business centers of Canada. Given the scheduled timing of capital investments for the assets and the client’s desire to maintain maximum flexibility, the portfolio was executed in separate fixed and floating rate pools. This financing closed with a US-based life insurance company offering very attractive terms at a time of significant volatility in the U.S. credit markets.
Hotels Overview
The 1,724-key portfolio consisted of the Richmond Hotel & Convention Center in Vancouver, the Marriott Ottawa, the Marriott Toronto Bloor-Yorkville, the Renaissance Toronto Downtown, and the Renaissance Toronto Airport Hotel.
Deal Highlights
| Client (Borrower): Lender: Financing Proceeds: Key Count: | Larco Hospitality US life insurance company C$180,000,000 1,724 |
