Wardman Hotel Owner secures approval to lift DIP loan to $10 million

By Sarah Lizee

Olympia, Wash., July 21 – Wardman Hotel Owner, LLC obtained court approval of an amendment to its superpriority secured debtor-in-possession facility that will increase the amount to $10 million from $8 million, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The amendment will also extend the maturity date to Oct. 31.

The facility is with Pacific Life Insurance Co., the senior secured pre-petition lender and the ultimate sole equity holder of the debtor, as previously reported.

Interest is 5%.

Washington, D.C.-based Wardman Hotel is the owner of a convention hotel, formerly operated as the Washington Marriott Wardman Park Hotel. The company filed Chapter 11 bankruptcy on Jan. 11 under case number 21-10023.

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