The Real Deal New York

Sternlicht’s Starwood gets $500M loan for 85-hotel portfolio

Firm to refinance extended-stay properties in 18 states
By Mark Maurer | February 27, 2015 04:00PM

Barry Sternlicht’s Starwood Capital Group landed a $500 million loan to refinance 85 of its extended-stay hotels across 18 states, The Real Deal has learned.

Credit Suisse provided the five-year, floating-rate loan for the InTown Suites portfolio, which includes nearly 10,800 hotel rooms. JLL’s Dustin Stolly, Bill Grice and Brett Rosenberg represented Starwood in the refinancing.

Starwood, based in Greenwich, Conn., bought the portfolio from New Hyde Park, N.Y.-based firm Kimco Realty for $735 million in 2013. It includes hotels in cities such as Cincinnati, Nashville, Phoenix, Dallas, Houston and San Antonio. Twenty-seven of the hotels are in Texas.

The net operating income of the hotel portfolio climbed 54.1 percent since 2009, according to Starwood.

Earlier this month, the firm sold its remaining 49.9 percent stake in Central Park South’s Hilton Garden Inn to private investor Morad Ghadamian, as TRD reported.