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GlobeSt.com UPDATE: Highland Hospitality Gets $35M Loan
By Eric Peterson
Last updated: January 10, 2006 10:31am

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PRINCETON, NJ-Highland Hospitality Corp. has closed on a $35 million fixed-rate mortgage loan secured by the hospitality REIT’s 294-room Westin Princeton at Forrestal Village Hotel. The seven-year loan was provided by Connecticut General Life Insurance Co. and carries a fixed rate of 5.97%.

The mortgage financing follows the McLean, VA-based Highland Hospitality’s recent acquisition of the property. As reported by GlobeSt.com, Highland went under contract in early November to buy the property from the White Plains, NY-based Starwood Hotels and Resorts for $53.5 million, or approximately $182,000 per room. The transaction subsequently closed last month.
“This acquisition is our first Westin and our second Starwood product for our portfolio,” James L. Francis, Highland’s president and CEO said in the fall when the deal was announced. “It is well-positioned in a market that is poised for future growth, and it meets our acquisition objectives.”