JLL secured $60 million to refinance the 325-key Hyatt Regency Houston Galleria. Metlife provided the loan, which will be used to retire the existing construction debt.
“The cost of debt is attractive and we’re seeing an increased number of lenders active in the Houston market, making it an ideal time for such owners to refinance,” senior managing director Jeffrey Davis said in a statement. “Additionally, Hyatt Regency Houston Galleria is backed by sponsorship with a proven track record, as well as strong in-place cash flow.”
The recently built, institutional-quality hotel is located in Houston’s Uptown submarket, adjacent from The Galleria, a 2.4 million-square-foot retail center. Amenities include more than 19,000 square feet of flexible meeting and event space, two food-and-beverage outlets, an outdoor pool with a sundeck and a fitness center.