Al Rayyan secures $503m to refinance US three hotels
Al Rayyan Tourism Investment Company secured $503m to refinance three prominent hotels in New York, Miami and Washington, DC. Holliday Fenoglio Fowler worked on behalf of the borrower to place three floating-rate loans with Mack Real Estate Credit Strategies. Each loan carries a four-year term with one one-year extension. The loans are secured by the 685-room Manhattan at Times Square Hotel, the 192-room St. Regis Bal Harbour Resort in Miami and the 172-room St. Regis Washington, DC.
“As one of the leading international hospitality investment companies, our strategy is focused on increasing the value of our hotel portfolio by improving operational efficiency and quality of service while enhancing and developing the properties we acquire to optimize and build new revenue streams,” said Tarek El Sa