CTL Capital closes $179mm CTL Financing for Starwood Resorts & Hotels
CTL Capital provided a $179,000,000 loan for Starwood Resorts & Hotels Worldwide Headquarters in Stamford, CT. The Starwood campus, comprised of two office buildings totaling 431,555 SF, had been renovated in 2011 in conjunction with Starwood’s occupancy. Starwood’s growth necessitated the subsequent leasing of the entire premises. CTL worked closely with the Borrower and its counsel to structure a bondable, long-term lease with an extended amortization schedule. The transaction was executed as a long-term credit tenant lease-backed secured note with a balance due at. The note was placed by CTL Securities LLC, a broker-dealer affiliate of CTL Capital.
Starwood Hotels & Resorts Worldwide, Inc. (Baa2 / BBB), with gross revenues of $6.3 billion and a market capitalization of $13.7 billion, is one of the largest hotel and leisure companies in the world with internationally renowned brands such as St. Regis®, The Luxury Collection, W, Westin, Le Méridien, Sheraton, Four Points by Sheraton, Aloft, and Element.