Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it has closed an 18 month 450 million Euro loan with a group of international banks lead by Credit Lyonnais. The rate of the loan is Euribor +195 basis points.
The proceeds of the Euro loan will be drawn down in two tranches; the first 270 million Euros was used to repay the existing 270 million Euro facility and, while subject to certain conditions being satisfied, the remaining 180 million Euros will be drawn to repay a portion of the Company`s corporate revolver. After the second draw, availability under the Company`s revolver should be in excess of $500 million.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in 80 countries and 110,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser of hotels and resorts including: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, W(R) brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit us at www.starwood.com.