DiamondRock Hospitality Company successfully refinanced, upsized, and extended the maturities of its senior unsecured credit facility, increasing its size from $1.2 billion to $1.5 billion. The new facility includes a $400 million revolving credit facility maturing in January 2031 and term loans maturing in January 2029 and January 2030, significantly extending the company's debt maturity schedule.
The company is utilizing $300 million of the incremental proceeds to repay three mortgage loans that matured or will mature in 2025. Mortgage loans secured by the Worthington Renaissance Fort Worth Hotel and the Hotel Clio, totaling approximately $125.0 million, were repaid on their respective maturity dates in May and July 2025.
DiamondRock intends to prepay the $166.6 million mortgage loan secured by the Westin Boston Seaport District in September 2025. Following this repayment, the company will have no debt maturities until January 2028, and its entire portfolio will be fully unencumbered by secured debt, enhancing financial flexibility.
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