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Marriott Corp. said it refinanced its 1,878-room New York Marquis hotel through a $328.5 million loan with a consortium led by First Federal Savings & Loan of Phoenix, Ariz.
WASHINGTON -- Marriott Corp. said it refinanced its 1,878-room New York Marquis hotel through a $328.5 million loan with a consortium led by First Federal Savings & Loan of Phoenix, Ariz.
The hotel, restaurant and entertainment company said the 17-year loan was made through 23 financial institutions from 15 states, and will provide both construction and permanent financing for the 50-story hotel being built in New York City's Times Square.
Marriott entered into a joint venture with John C. Portman Jr. of Atlanta, in 1980, to build the hotel. Marriott said it owns 89% of the hotel, and Mr. Portman the remaining 11%. Marriott said it expects the hotel, which has been under construction for the past year, to open in the spring of 1985.
The company wouldn't discuss the new loan rates or how the refinancing differs from the original financing, which was made prior to Marriott's involvement in the hotel project.
Copyright Dow Jones & Company Inc Jan 5, 1984