Hotel group Morgans has extended outstanding loans on its New York and Los Angeles hotels, by paying down a portion of the debts. Morgans paid down $16 million against the Hudson in New York and $17 million against the Mondrian in Los Angeles.
The deal means Morgan still owes $304.7 million against the two properties. Interest rates are now lower at Libor plus 1.03% and Libor plus 1.64% on the loans respectively, with an expiry of October 2011.
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