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The Hudson mezzanine loan was to mature on July 12, 2010 and provided for a 15-month extension at the Company's option, subject to satisfaction of certain conditions. Under the agreement announced, the mezzanine lender has agreed to forbear until October 12, 2013 from exercising any remedies resulting from a maturity default, subject only to maintaining certain interest rate caps and making cash payments within the control of MHG. As part of the agreement, the outstanding balance of the Hudson mezzanine loan has been decreased from $32.5 million to $26.5 million.
The mezzanine lender also has agreed to cooperate with MHG in its efforts to seek an extension of the $217 million Hudson mortgage loan, which is also set to mature on July 12, 2010, and to consent to certain refinancings and other modifications of the Hudson mortgage loan.
Marc Gordon, President of Morgans Hotel Group, said, "This agreement demonstrates our continued progress in strengthening Morgans' balance sheet and our lender's confidence in the value of the Hudson property and the future potential of the Morgans portfolio. We also believe that this agreement and the reduction in the outstanding loan balance together with the cooperation of the mezzanine lender will enhance our ability to obtain an extension of the Hudson mortgage loan."
More Information:
www.morganshotelgroup.com
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