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.
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.