• Starwood refinances Principal

Starwood Capital has arranged a refinancing of its debt used to buy the Principal Hayley hotel group. A GBP250m deal arranged by Morgan Stanley will see Starwood release GBP100m of equity and provides GBP80m to fund improvements, reports Property Week.

The portfolio of hotels has risen in value by 16% to GBP417m since Starwood acquired the assets 15 months ago for GBP360m. The funding agreed with Morgan Stanley has a five year term.

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