Reply #30: Goldman restructures $1.42 billion hotel debt: report

[Demeter]

http://news.yahoo.com/s/nm/20110527/bs_nm/us_goldman_debt

Goldman Sachs Group's (GS.N) Whitehall Real Estate Funds restructured $1.42 billion of debt due April 2012 on one of its largest hotel portfolios, the Wall Street Journal reported, citing people familiar with the matter.

The terms of the deal include the Abu Dhabi Investment Authority, a sovereign wealth fund, investing $475 million in the portfolio for a preferred equity stake, and Deutsche Bank (DBKGn.DE) refinancing the debt with a $975 million loan...

The refinancing eliminates impending due dates for debt on a portfolio of 138 hotels that Whitehall bought from North Dakota hotelier Gary Tharaldson in 2006. It also covers 30 midscale hotels bought by Whitehall in 2007 from the former CNL Hotels & Resorts Inc, the paper reported.

In total, the fund has restructured about $18 billion of debt on its commercial real estate holdings since January 2010, the Journal said.