SANTA MONICA, CALIFORNIA The largest closely-held owner-operator of Embassy Suites Hotels has averted a hotel foreclosure auction by using a new loan to retire debt.
Santa Monica-based Windsor Capital Group Inc. reached an agreement last week on the US$165 million loan from Starwood Property Trust Inc. “It took five months to work out the details,” Windsor founder Patrick Nesbitt tells Bloomberg. “The market kept constantly changing. I truly appreciate the extended time and effort the Starwood Property Trust team took to complete this extraordinarily complex refinancing.”
Windsor owns and operates 23 hotels in 11 states, including 18 Embassy Suites, a Crowne Plaza and four properties flagged by Marriott International brands.