Morgans Hotels Refinances Midtown Hotel With $180M Loan

Law360, New York (November 15, 2012, 3:49 PM EST) -- Morgans Hotel Group Co. said Thursday it has signed a $180 million loan on its Hudson hotel in midtown Manhattan, retiring a $115 million mortgage and helping to fund a renovation and expansion of the 834-room hotel.

The nonrecourse loan, from UBS Real Estate Securities Inc., charges an interest rate of Libor plus 8.40 percent — far higher than the Libor plus 5 percent loan it replaces — and matures in February 2014, with a one-year extension option. It can be prepaid at any time and...
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