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SBE refinances loans backed by Delano, Hudson hotels


Privately held hospitality developer SBE, along with its partners Yucaipa and Cain Hoy, has successfully refinanced its $422 million debt facility secured by the Hudson Hotel in New York City, and the Delano South Beach Hotel, in Miami Beach, Fla.


The new $425 million non-recourse facility consists of a $280 million mortgage and a $145 million junior mezzanine loan, both maturing on February 9, 2020 with two one-year extension options.


The loan was provided by Column Financial, a Credit Suisse Company and Security Benefit Corporation.


"We have successfully completed the refinancing of the Hudson and Delano South Beach at very attractive terms," said Sam Nazarian, Founder and CEO of SBE. "The new facility demonstrates the significant value the market places on these two iconic assets and sbe post our acquisition of Morgans Hotel Group. We look forward to unlocking additional value at both properties and continuing the exciting growth of SBE."


Established in 2002, SBE recently bought boutique operator Morgans Hotel Group, creating a global portfolio featuring 23 world-class lifestyle hotel properties in 9  gateway markets and more than 136 global world-renowned hotel, entertainment and food & beverage outlets. The company's established and upcoming hotel brands include SLS Hotel & Residences, Delano, Mondrian, Redbury, Hyde Hotel & Residences, Clift, Hudson, Morgans, Royalton, Sanderson and St Martins Lane. In addition, sbe has the following international acclaimed restaurants and lounges: Katsuya, Cleo, The Bazaar by José Andrés, Fi'lia by Michael Schwartz, Umami Burger, Hyde Lounge and Skybar.


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