MetLife loans $505 million to Loews, Hard Rock affiliates

orlando

MetLife announced that it has loaned $505 million to an investor group comprising affiliates of Loews Hotels & Resorts, NBCUniversal and Hard Rock International.

The fixed-rate loan, which was used to refinance existing debt, has a term of 10 years. The loan is secured by three AAA four-diamond resort hotels, along with a central support facility all located at Universal Orlando Resort in Orlando.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The hotel properties are the Loews Portofino Bay Hotel at Universal Orlando, Hard Rock Hotel, and Loews Royal Pacific Resort at Universal Orlando, containing a total of 2,400 rooms and more than 180,000 square feet of conference space.

“These are proven properties in a major market for MetLife,” said Robert Merck, senior managing director and global head of real estate for MetLife. “The ownership group has proven hotel expertise, considerable financial strength and demonstrated commitment to capital reinvestment.”

In 2014, MetLife originated approximately $12.1 billion in commercial mortgage loans, a 5-percent increase over the $11.5 billion originated in the previous year.

Suggested Articles

The direct hospitality lender sold its stake in the 182-suite Panama City Beach hotel to Wesley and Donna Spruill.

With more than 50 hotels open in 10 states, the India-based startup is looking to open a hotel per day across the country.

The joint-venture partners have given a name to the upper-midscale brand they introduced in February.