Refinances Hospitality Portfolio

Together with its JV partners, Merion Realty Partners completed the refinancing of 4 hotels owned jointly by the CMS/Proc Hospitality Holdings II, LP and CMS/Procaccianti Hospitality Holdings III, LP. The combined proceeds of $255 million from the new financing were utilized to retire $207 million of existing financing and fund $35 million in planned renovations for the four assets. The individual, non-recourse loans were placed on Hilton Suites Atlanta Perimeter, Hilton Suites Chicago/Magnificent Mile, DoubleTree Resort by Hilton Hotel Paradise Valley – Scottsdale and Doubletree Suites by Hilton Hotel Santa Monica.