DiamondRock Hospitality Assumes the Allerton Hotel Mortgage
Friday March 7th, 2014 - 10:32AM ES
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CHICAGO—DiamondRock Hospitality Company has announced that the 443-room Allerton Hotel Chicago located here was sold to Warwick International Hotels, who assumed the company's senior mortgage loan secured by the hotel upon acquisition.
In conjunction with the assumption of the loan by Warwick, DiamondRock Hospitality Company received a $6-million principal payment, which reduced the loan principal balance to $58.5 million. There were no other changes to the terms of the loan.
Mark W. Brugger, president and CEO of DiamondRock Hospitality Company, stated, "The sale of the Allerton Hotel is a positive event for DiamondRock as we received a $6 million principal payment in conjunction with the loan assumption and improved our security. We are pleased that the Allerton Hotel was acquired by Warwick International Hotels, a well-respected owner and operator of iconic hotels such as the Warwick New York Hotel, Warwick Melrose Hotel in Dallas and Warwick Champs-Elysees Hotel in Paris.”
Tags: DiamondRock Hospitality • Hospitality • Acquisitions • Sources of Funding •
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