NEW YORK, Feb. 10, 2017 /PRNewswire/ -- sbe, the leading lifestyle hospitality company that develops, manages and operates award-winning hospitality venues globally, along with its partners Yucaipa and Cain Hoy, announced today that it has successfully refinanced its $422 million debt facility secured by Hudson and Delano South Beach hotels. The new $425 million non-recourse facility consists of a $280 million mortgage and a $145 million junior mezzanine loan, both maturing on February 9, 2020 with two one-year extension options. The loan was provided by Column Financial, a Credit Suisse Company and Security Benefit Corporation.
"I am pleased to announce that we have successfully completed the refinancing of the Hudson and Delano South Beach at very attractive terms," said Sam Nazarian, Founder and CEO of sbe. "The new facility demonstrates the significant value the market places on these two iconic assets and sbe post our acquisition of Morgans Hotel Group. We, together with our partners Yucaipa and Cain Hoy look forward to unlocking additional value at both properties and continuing the exciting growth of sbe."
Established in 2002 by Founder and CEO Sam Nazarian, sbe is a privately-held, leading lifestyle hospitality company that develops, manages and operates award-winning hotels, residences, restaurants and nightclubs. Through exclusive partnerships with cultural visionaries, sbe is devoted to creating extraordinary experiences throughout its proprietary brands with a commitment to authenticity, sophistication, mastery and innovation. Following the acquisition of Morgans Hotel Group, the pioneer of boutique lifestyle hotels, sbe has an unparalleled global portfolio featuring 23 world-class lifestyle hotel properties in 9 attractive gateway markets and more than 136 global world-renowned hotel, entertainment and food & beverage outlets. The company is uniquely positioned to offer a complete lifestyle experience - from nightlife, food & beverage and entertainment to hotels and residences, and through its innovative customer loyalty and rewards program, The Code, as well as its award-winning international real estate development subsidiary, Dakota Development - all of which solidify sbe as the preeminent leader across hospitality. sbe will continue its expansion with 13 hotel properties opening in the next two years (some with residences), including the SLS Park Avenue, SLS Seattle, Mondrian Doha and Mondrian Dubai. The company's established and upcoming hotel brands include SLS Hotel & Residences, Delano, Mondrian, Redbury, Hyde Hotel & Residences, Clift, Hudson, Morgans, Royalton, Sanderson and St Martins Lane. In addition, sbe has the following international acclaimed restaurants and lounges: Katsuya, Cleo, The Bazaar by José Andrés, Fi'lia by Michael Schwartz, Umami Burger, Hyde Lounge and Skybar. More information about sbe can be obtained at sbe.com or by downloading the sbe App.
sbe Media Contact:
Rubenstein Public Relations
212 805 3014
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sbe-successfully-refinances-hudson-and-delano-south-beach-hotels-300405555.html