Portfolio Includes Three Luxury Resort Hotels in Orlando
MetLife, Inc. (NYSE:MET) announced today that it has loaned $505 million
to an investor group comprising affiliates of Loews Hotels & Resorts,
NBCUniversal and Hard Rock International.
The fixed-rate loan, which was used to refinance existing debt, has a
term of 10 years. The loan is secured by three AAA four-diamond resort
hotels, along with a central support facility all located at Universal
Orlando Resort in Orlando, Fla.
The hotel properties are the Loews Portofino Bay Hotel at Universal
Orlando, Hard Rock Hotel, and Loews Royal Pacific Resort at Universal
Orlando, containing a total of 2,400 rooms and more than 180,000 square
feet of conference space.
“These are proven properties in a major market for MetLife,” said Robert
Merck, senior managing director and global head of real estate for
MetLife. “The ownership group has proven hotel expertise, considerable
financial strength and demonstrated commitment to capital reinvestment.”
In 2014, MetLife originated approximately $12.1 billion in commercial
mortgage loans, a five percent increase over the $11.5 billion
originated in the previous year.
Real estate investments, including commercial mortgage loans, are an
important part of MetLife’s asset-liability matching program. These
long-term investments are designed to provide a good match for the
long-term liabilities the company writes.
About MetLife
MetLife, Inc. (NYSE:MET), through its subsidiaries and affiliates
(“MetLife”), is one of the largest life insurance companies in the
world. Founded in 1868, MetLife is a global provider of life insurance,
annuities, employee benefits and asset management. Serving approximately
100 million customers, MetLife has operations in nearly 50 countries and
holds leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
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