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1/2/2014

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AEW Acquires And Funds Meristar Hotel Portfolio Mezzanine Loan



BOSTON – AEW Capital Management, L.P. (AEW) has announced the closing of a mezzanine loan transaction totaling approximately $88.9 million to fund the refinancing of the Meristar Hotel Portfolio, owned by Blackstone Real Estate Advisors.  AEW funded the mezzanine loan on behalf of the AEW Core Property Trust (U.S.), an open-end real estate fund.

The mezzanine loan is part of the total $600 million of debt collateralized by the portfolio of 17 properties.  The portfolio consists of 12 full-service hotels, four boutique inns and one tennis/golf club, with a total of 4,798 rooms.  The properties are located in ten major metropolitan markets in six separate states.  The mezzanine loan will be coterminous with the first mortgage.

Dan Bradley, Senior Portfolio Manager of AEW Core Property Trust, said, “Acquiring debt of this nature was attractive due to the positive risk-adjusted  returns and strong debt metrics, as well as the quality sponsorship and equity of Blackstone Real Estate Advisors.”

The Boston-based investment manager has competitively priced capital from multiple sources available to owners in need of fresh capital to bridge the cost of a new acquisition, refinance existing debt on an asset or portfolio, or fund tenant improvements.  AEW is seeking to provide capital to originate mezzanine loans, B-notes and preferred equity on institutional-quality properties (retail, office, industrial, hotel, multifamily and seniors housing) in top-tier U.S. markets.

About AEW
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide.   One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $35 billion of capital invested in $49 billion of property and securities in North America, Europe and Asia (as of March 31, 2013).   Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.  AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities.  For more information please visit www.aew.com.



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