Host Marriott amends loan, changing collateral requirements

By Sara Rosenberg

New York, Jan. 31 - Host Marriott LP amended its credit facility, requiring that the loan collateral be maintained for as long as the bridge loan that will be used to purchase some properties and assets from Starwood Hotels & Resorts Worldwide Inc. remains outstanding, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Prior to the amendment, the collateral for the loan could have been released when the company's leverage fell below 6 times for two consecutive quarters.

Administrative agent Goldman Sachs Credit Partners LP is leading the bridge facility that Host Marriott is obtaining for the purchase of Starwood assets.

The amendment was completed on Monday.

Deutsche Bank is the administrative agent on the credit facility.

Host Marriott is a Bethesda, Md.-based real estate investment trust focused on owning and operating hotel properties.

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