Strategic Hotels & Resorts amends loan, changing size and pricing

By Sara Rosenberg

New York, May 6 - Strategic Hotels & Resorts amended its credit facility during the first quarter, reducing the size to $400 million and increasing pricing to Libor plus 375 basis points, according to a news release.

In addition, the amendment reduced the minimum corporate fixed-charge coverage ratio to 0.9 times and increased maximum corporate leverage to 80%.

The amendment also provided security interests in five previously unsecured hotel properties.

Strategic Hotels is a Chicago-based real estate investment trust that owns and provides asset management of high-end hotels and resorts.

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