Starwood Completes Sale of Timeshare Loans

Starwood Completes Sale of Timeshare Loans

June 08, 2009 // Franchising.com // White Plains, NY – On June 5th, Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) completed a private placement of approximately $125 million floating rate Timeshare Loan Backed Notes by SVO 2009-A VOI Mortgage Corporation with a commercial paper conduit. The floating rate will be swapped into a fixed rate of 8.0%. Starwood contributed approximately $181 million in timeshare mortgages to the Issuer and retained a 31 percent residual interest in the Issuer. Cash flow from the timeshare mortgages will be paid entirely to the holder of the Notes for the initial 12 to 24 months; thereafter, Starwood expects to begin receiving its return on its residual interest. Starwood expects that the securitization will result in a small loss on the sale as well as lost interest income for the second quarter and the balance of the year. The notes have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws.

About Starwood Hotels & Resorts Worldwide, Inc.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 960 properties in 97 countries and approximately 145,000 employees at its owned and managed properties. Starwood® Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally rACenowned brands: St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points® by Sheraton, W®, Le Méridien®, and the recently announced AloftSM and ElementSM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts.

###

Comments:

comments powered by Disqus

Franchise News Room »


News By Industry »


Featured Opportunities

Blast & Brew
At Blast & Brew, we like to think “big.” That said, we’re vigorously seeking multi-unit investors to open at least three locations...
Minuteman Press International
Minuteman Press is the world's largest & number 1 rated printing & marketing franchise. Our business model features multiple revenue streams,...
IceBorn Water and Ice Vending
IceBorn was developed to be the premier consumer water and ice vending brand.
Shakeaway
ShakeAway is a unique global company with stores popping up all over the world! Get involved in this fun, fast growing and profitable franchise now...
e² Young Engineers
e² Young Engineers is an innovative new approach to teach STEM principles using our uniquely designed LEGO and K'nex kits.
Share This Page

Subscribe to Franchising Express

A Franchise Update Media Production
Franchise Update Media
P.O. Box 20547
San Jose, CA 95160
PH. (408) 402-5681
In Loving Memory Of Timothy Gardner (1987-2014)

Copyright © 2001 - 2018.
All Rights Reserved.