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The Marriott Munich Hotel is one of the city‘s leading business hotels, particularly benefitting from its prime location at the transition of the northern outskirts of Munich city centre and the thriving business district Parkstadt Schwabing.
With the existing loan due to mature in 2012, Jones Lang LaSalle Hotels & Hospitality Group was approached by the owner, LaSalle Investment Management, formerly JER Partners, to be the exclusive advisor in the refinancing of the Marriott Munich Hotel.
The property is held subject to a management agreement with Marriott Hotel Holding GmbH. Both, the volatile conditions in European capital markets, the variable nature income, as well as the operator’s strong position against owner and potential lenders represented the most significant challenges in this financing exercise.
Jones Lang LaSalle's Hotels & Hospitality Group was able to fully capitalise on long term industry relationships and in-depth knowledge of the property as well as the local operating market, acting as a central link between likely sources of funding and the Client. Hence, ideally positioned to run a structured competitive process and able to emphasize on the strengths of the underlying asset, despite the challenging contract conditions and the subdued lending environment.
The refinancing was successfully completed, at the lowest cost of capital and best possible terms currently available in the market by securing a 5-year non recourse facility for the asset at an LTV above 60%.
For more information please contact Giorgio Manenti, +44 207 399 5697.
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