- What Skyline Investments has sold 11 Courtyard hotels
- Why Proceeds were used to pay down debt
- What next Three additional Courtyard properties are up for sale
Skyline Investments has closed its sale of 11 Courtyard hotels in the United States for $101m.
The company also took out a $20m credit facility with a $2m interest reserve with an unnamed financier. The loan runs for a year and bears interest at the Wall Street Journal Prime rate, currently 8.50%, plus 1% for the first $14m then WSJP plus 2.25% for the remaining $6m.
As part of the loan, the company pledged its interests in Courtyard hotels in Tucson, Ariz., and Ft. Myers, Fla.
Proceeds from the sale and the facility were used to repay two loans totaling $106m secured by the properties. Marcus & Millichap brokered the transaction.
Following the transactions, Skyline owns three Courtyard properties in Ft. Myers, Ithaca, N.Y., and Tucson, which are for sale.
The sold properties are: Chicago Arlington Heights, Chicago Deerfield and Rockford, in Illinois; Birmingham Hoover and Huntsville University Drive, in Alabama; Manassas Battlefield Park, in Virginia; Lexington North, in Kentucky; Dayton Miamisburg and Toledo Holland, in Ohio; Little Rock, in Arkansas; and one in Oklahoma City, in Oklahoma.
