Shearman & Sterling represented Citibank, N.A., as administrative agent and collateral agent, in connection with a $310 million syndicated term loan for affiliates of Hospitality Investors Trust, Inc. (“HIT REIT”), which is secured by a portfolio of 28 hotels. The loan was used in part to finance HIT REIT’s acquisition of a portfolio of seven hotels from affiliates of Summit Hotel Properties and in part to refinance its previous term loan with Deutsche Bank AG New York Branch. Among the major global brands represented by the financed hotels are the flags of Marriott International, Hilton Hotels & Resorts, Hyatt Hotels and InterContinental Hotels Group.
HIT REIT is a publicly registered, non-traded real estate investment trust. HIT REIT’s investment strategy focuses on acquiring stable, institutional quality and strategically located lodging properties in North America branded by premium national hotel brands.
The Shearman & Sterling team included partner Malcolm Montgomery (New York-Real Estate); counsel Paul Balaam (London-Real Estate); associates Andrew Smook, Matthew Tosto and Horton McKinney (all New York-Real Estate).