MetLife Provides $505 Million Loan to Facilitate Refinancing of Hotel Portfolio at Universal Orlando Resort
July 23 2015 - 9:00AM
Business Wire
Portfolio Includes Three Luxury Resort
Hotels in Orlando
MetLife, Inc. (NYSE:MET) announced today that it has loaned $505
million to an investor group comprising affiliates of Loews Hotels
& Resorts, NBCUniversal and Hard Rock International.
The fixed-rate loan, which was used to refinance existing debt,
has a term of 10 years. The loan is secured by three AAA
four-diamond resort hotels, along with a central support facility
all located at Universal Orlando Resort in Orlando, Fla.
The hotel properties are the Loews Portofino Bay Hotel at
Universal Orlando, Hard Rock Hotel, and Loews Royal Pacific Resort
at Universal Orlando, containing a total of 2,400 rooms and more
than 180,000 square feet of conference space.
“These are proven properties in a major market for MetLife,”
said Robert Merck, senior managing director and global head of real
estate for MetLife. “The ownership group has proven hotel
expertise, considerable financial strength and demonstrated
commitment to capital reinvestment.”
In 2014, MetLife originated approximately $12.1 billion in
commercial mortgage loans, a five percent increase over the $11.5
billion originated in the previous year.
Real estate investments, including commercial mortgage loans,
are an important part of MetLife’s asset-liability matching
program. These long-term investments are designed to provide a good
match for the long-term liabilities the company writes.
About MetLife
MetLife, Inc. (NYSE:MET), through its subsidiaries and
affiliates (“MetLife”), is one of the largest life insurance
companies in the world. Founded in 1868, MetLife is a global
provider of life insurance, annuities, employee benefits and asset
management. Serving approximately 100 million customers, MetLife
has operations in nearly 50 countries and holds leading market
positions in the United States, Japan, Latin America, Asia, Europe
and the Middle East. For more information, visit
www.metlife.com.
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MetLife, Inc.Fred Pieretti,
212-578-2631fpieretti@metlife.com
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