Chartres Lodging Group Secures $300M Refinance & Mezzanine Loan For Sheraton Dallas Hotel | 400 North Olive Street - Sheraton Dallas Hotel | J.P. Morgan Chase & Company | Hotel | Loan

Summary

Loan

TEXAS

Hotel

The Sheraton Dallas Hotel, boasting 1,840 keys, located at 400 North Olive Street in Dallas, Texas, recently underwent a significant refinancing deal. The loan, totaling $300,000,000, was secured by Chartres Lodging Group, the current landlord, in collaboration with lenders Goldman Sachs and J.P. Morgan. The two-year, floating-rate loan comprised a $270 million mortgage and $30 million in mezzanine financing.

Summary of transation details:

Property Type: Hotel
Transaction Amount: $300,000,000
Market: Dallas
Lender: Goldman Sachs & J.P. Morgan
Landlord: Robert Kline - Chartres Lodging Group
Loan Type: Refinance & Mezzanine
Loan Terms: Two-year, floating rate

Chartres Lodging Group, led by Robert Kline, successfully orchestrated the refinancing deal for the Sheraton Dallas Hotel, highlighting their strategic financial prowess in navigating the hospitality market. The institutional lenders, Goldman Sachs and J.P. Morgan, displayed confidence in the hotel's performance and the resilience of Dallas' hotel market post-pandemic by facilitating this substantial loan arrangement.

Players

All
1

Lenders
1

J.P. Morgan Chase & Company

Details

Deal Summary

FINANCED

IMAGE: Robert Kline DATE: 04/09/2024 ADDRESS: 400 North Olive Street - Sheraton Dallas Hotel MARKET: Dallas ASSET TYPE: Hotel ~ KEYS: 1,840 LENDER: Goldman Sachs (@GoldmanSachs) & J.P. Morgan (@JPMorgan) LANDLORD: Robert Kline - Chartres Lodging Group LOAN AMOUNT: $300,000,000 LOAN TYPE: Refinance & Mezzanine LOAN TERMS: two-year, floating rate NOTE: Chartiers Lodging Group secured a significant refinancing deal for the Sheraton Dallas Hotel, Texas' largest hotel, obtaining a $270 million mortgage and $30 million in mezzanine financing, arranged by Goldman Sachs and JPMorgan. The hotel, with 1,840 keys, has a storied history, originally built in 1959 as an office building before being transformed into a hotel in the 1990s and undergoing renovations over the years, with its revenue per available room rebounding post-pandemic to surpass pre-pandemic levels, showcasing institutional lenders' confidence in Dallas' hotel market.

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Address400 North Olive Street - Sheraton Dallas Hotel

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