Strategic Hotels & Resorts Amends and Extends Loan Securing Intercontinental Prague Hotel
Strategic Hotels & Resorts, Inc. (NYSE: BEE), announced that the company has entered into an amendment with Aareal Bank AG on the euro 104 million non-recourse loan securing the InterContinental Prague Hotel.
Under the terms of the amendment, the loan remains non-recourse and the maturity was extended by three years from its initial maturity of March 2012 to March 2015. During the remainder of the initial term, scheduled principal amortization is removed and the financial performance covenants are effectively waived.
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides value-enhancing asset management of high-end hotels and resorts in the United States, Mexico and Europe. The company currently has ownership interests in 17 properties with an aggregate of 8,002 rooms.
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