Ian Schrager pulled off the refinancing of his hotels with a $475 million package.
The hotel company, now known as the Morgans Hotel Group, refinanced all its third party corporate debt and all the debt secured by the Hudson, Royalton, Morgans, Mondrian and Delano hotels.
The deal was first reported by The Post’s Page Six yesterday.
The fresh capital lowers the cost of the debt and extends the maturities at the option of MHG for up to five years.
RBS Greenwich Capital, Credit Suisse First Boston, and Blackacre Capital Management provided the financing.
“We paid off Deutsche Bank and refinanced our debt and recapitalized the cost of our debt,” Schrager told The Post. “Instead of concentrating on the refinancing, I can concentrate on growing the company and doing new deals – which is what I do best.”
Last month, Schrager and his NorthStar Capital partners sold what ended up as a 90 percent interest in the Paramount Hotel to Becker Ventures for $128.5 million.
Schrager also retained everything with his name on it. The new hotel joint venture was then sold to Lifestar Hotels, an entity of Becker and the Hard Rock Hotels for $126.5 million.