$226.6 million CMBS Mortgage and Mezzanine Debt for Multistate Hotel Portfolio

A team of Hodgson Russ attorneys represented an international hotel operator in the closing of a highly complex financing package involving $226.6 million in new CMBS mortgage and mezzanine debt. The transaction involved 17 hotels in 11 states and included the defeasance of $100 million of existing CMBS indebtedness, a major restructuring of the existing hotel owner and management companies, the formation of 20 new entities, the movement of 11 hotel franchises and 7 management agreements, and the buyout of a strategic partner.