Shearman & Sterling Advises on $1.05 Billion in Credit Facilities for LaSalle Hotel Properties
Shearman & Sterling advised Citibank, N.A., as administrative agent, and Citigroup Global Markets Inc., as joint lead arranger and joint book runner, in connection with $1.05 billion in senior unsecured credit facilities for LaSalle Hotel Operating Partnership, L.P. The facilities include a $750 million revolving credit facility (with a letter of credit sub-facility) and a $300 million term loan facility. The revolver and term loan include accordion features which, subject to certain conditions, entitle the company to request additional lender commitments, allowing for total commitments up to $1.25 billion for the revolver and $500 million for the term loan.
LaSalle Hotel Properties is a leading multi-operator REIT that owns a portfolio of upscale, full-service hotels in nine states and the District of Columbia. The company focuses on owning, redeveloping and repositioning upscale and luxury, full-service hotels located in convention, resort and major urban business markets.
The Shearman & Sterling team was led by partner Malcolm K. Montgomery
(New York-Real Estate) and associates Elizabeth Vinci (New York-Real Estate) and Caitlin Fahey