Hotel refis, three times a year

From the April issue: Plunging vacancy rates are prompting some New York City hoteliers to seek multiple refinancings and use the money to upgrade existing properties or buy more real estate. “Over the past 24 months, hotel refinancing has really been a nationwide trend,” Mark Gordon, head of the international lodging group at Sonnenblick-Goldman, said. “But it is much more pronounced in New York.” One hotel owner, whom Gordon declined to name, refinanced a hotel three times in 13 months, while another refinanced in March and then again in November, he said. more By Adam Piore