Monday, June 15, 2009

JPMorgan Securities Arranges $200M Loan for FelCorp

IRVING, TX – In one of the largest deals of its kind this year, JPMorgan Chase Securities Inc. arranged a $200 million loan today for Irving, TX-based FelCor Lodging Trust.

The loan gives FelCor breathing room from the new debt until 2013.

The loan is non-recourse, meaning FelCor officials personally cannot be sued if the loan defaults. The lender or lenders can only take back the properties.

For collateral, FelCor put up nine hotels, representing 2,331 guest rooms. The loan bears interest at LIBOR plus 350 basis points; has a 65 percent LTV ratio and, including both extension options, matures in 2013.

JPMorgan Chase Bank, N.A., is the administrative agent and provided a portion of the loan.

Proceeds of the new loan will be used for general corporate purposes, including repayment of outstanding obligations totaling $128 million under FelCor’s line of credit, which was terminated by the Company.

“We are pleased to have closed this loan in a very challenging environment.,” says Andrew J. Welch, (top right photo) FelCor’s Executive Vice President and Chief Financial Officer.
“This transaction allows us to terminate our line of credit, thereby eliminating restrictive financial covenants and increasing our flexibility to encumber other hotels.

“Equally important, this new loan extends our maturity profile and provides additional liquidity in the form of cash on hand. We are now focused on refinancing debt maturing in 2010 and 2011,” said
FelCor, a real estate investment trust, is the nation’s largest owner of upper upscale, all-suite hotels. FelCor owns interests in 87 hotels and resorts, located in 23 states and Canada.

FelCor’s portfolio consists mostly of upper upscale hotels, which are flagged under global brands such as Embassy Suites Hotels®, Doubletree®, Hilton®, Marriott®, Renaissance®, Sheraton®, Westin® and Holiday Inn®.

Hyatt Debuts Billion-Dollar Resort in Saudi Arabia

CHICAGO, IL—Chicago arrived in Saudi Arabia today via the estimated billion-dollar, 142-room Park Hyatt Jeddah—Marina Club and Spa at the Corniche of Jeddah, 30 minutes from the King Abdullaziz International Airport.

This is Chicago-based Hyatt Hotels & Resorts’ first leisure project in Saudi Arabia. Other Hyatt properties in the Mideast include the recently opened Grand Hyatt Doha in Qatar and existing Hyatt hotels in Egypt, Jordan, Oman, and the United Arab Emirates.

The marina on the 35-acre complex can hold 140 luxury yachts. Adjacent to Park Hyatt Jeddah. the Lazurde Meetings & Events Centre, opening shortly, will feature 26,000 square feet (2,500 square meters) of meeting and banquet facilities.

The 34.5-acre (140,000 square meter) complex overlooks sweeping views of the sea and the world-famous King Fahd fountain with its more than 1,000-foot-high (312 meters) plume of water.
Hyatt officials say Park Hyatt Jeddah is an intimate and residential-style hotel where French interior designer Gilles Quiffet and architect Patrice Hart fashioned rooms that “fuse a sleek European style” with Arab-Andalusian architecture.

The surrounding resort complex will feature a built-up 2.5-acres (10,000 square meters) of spa and wellness facilities and a variety of innovative restaurants and stylish lounges.

The 142 spacious guestrooms measure 430 square feet (40 square meters). The suites range from 860 square feet to more than 2,100 square feet (80 to 200 square meters).

The 8,100-square-foot (756 square-meter) ballroom can be divided into three separate spaces. The exclusive Palm Courtyard can accommodate up to 900 guests for outdoor events by the Red Sea.

Hyatt officials say Park Hyatt Jeddah – Marina, Club and Spa is the ideal base for Hajj or Umrah pilgrimages to Mecca or Medina.

Because the King Abdullaziz International Airport is only a 30-minute drive from the resort, Park Hyatt Jeddah is “a well-situated stopover upon entering or leaving the region,” according to Hyatt officials. Mecca is a 45-minute drive from the hotel.

Hyatt, however, is not the exclusive developer in this part of Saudi Arabia. Non-Hyatt managed facilities to open soon will include a Commercial Gallery with a host of high-fashion boutiques and a marina that can berth 140 yachts of 26 to 82 feet (8 to 25 meters) in length.

Sikon Wins Walgreen's Construction Job in Boynton Beach, FL

BOYNTON BEACH, FL – Deerfield Beach-based SIKON Construction Corporation was awarded a contract for the new 15,000-square-foot Walgreen’s at Canyon Town Center (top left photo) retail center located at Boynton Beach Boulevard and Lyons Road in Boynton Beach, FL.

Developed by RAM Development, West Palm Beach, and designed by FWH Architects, Holiday, FL, the project will break ground in April 2009 and is located across from the Publix at Canyon Town Center recently constructed by SIKON.

Led by Steve Goraczkowski, CEO, SIKON Construction Corporation is a full-service general contractor and construction manager specializing in mixed-use, office buildings, retail, restaurant and other commercial projects.

Contact: Kenneth H. Cristol, 407-774-2515

Keene Nears Completion of Boynton Beach, FL Buildings

ORLANDO, FL – Keene Construction Company, Maitland, is nearing completion on the new multimillion-dollar, 27,000-square-foot Buildings A and F at Shoppes at Woolbright (top left photo) located on the northwest corner of Jog Road and Woolbright Road in Boynton Beach, FL.

Keene recently wrapped up work on the center’s new 46,031-square-foot Publix Super Market plus 75,756 square feet of additional retail space contained in Buildings G, J, K1 and K2.

Developed by Woolbright Development, Boca Raton, FL, the project was designed by Marc Wiener Associates, Boca Raton. Notably, Keene has constructed over 140 Publix stores for the Lakeland, FL-based grocery giant.

Contact: Kenneth H. Cristol, 407-774-2515