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John Q. Hammons Hotels
John Q. Hammons Hotels was a leading independent owner and manager of affordable upscale, full-service and limited-service hotels located primarily in key secondary markets across the United States. The Company owned and managed 44 hotels located in 20 states, containing 10,857 guest rooms or suites, and managed 15 additional hotels located in seven states containing 3,278 guest rooms or suites owned personally by Mr. Hammons.
Through a multi-phase financing, developed and structured by iStar Financial, Mr. John Q. Hammons, one of the largest hotel developers in the U.S., and a private equity investor partner, was able to take the company private with the flexibility of long-term expansion capital for developing a portfolio of 40 new properties. The transaction exemplified iStar’s ability to work with multiple constituencies as well as iStar’s experience in structuring custom-tailored financing alternatives
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Muvico Entertainment
Muvico operates 233 movie screens at ten theaters in Florida, one in Tennessee and one in Maryland. Eight of its 12 theaters are ranked in the top 500 North American theaters in terms of box office revenues. Muvico’s approach to theater operations is different from other operators in that Muvico attempts to improve the movie-going experience with a theme for each theater; elaborate decorations and designs; amenities including childcare, valet parking, assigned seating and concierge services; more space between the seats and a wider selection of concessions. This approach has enabled Muvico to continually achieve superior per person/per screen revenues and superior operating margins as compared to the large public operators.
Demonstrating our ability to provide a “one-stop shopping” capital program, iStar has been Muvico’s primary capital provider for the past four years. iStar and Muvico have now completed five different transactions together including first mortgage, mezzanine corporate, and long-term sale/leaseback financing. After having a difficult experience with its previous inflexible lender, Muvico refinanced its $35 million corporate debt with iStar in 2002. As Muvico’s credit and balance sheet improved, iStar expanded the loan by $20 million. By choosing to work with a lender who could provide all of its financing needs, Muvico was able to put in place a corporate debt structure that was tailored specifically to its business, allowing Muvico the speed and flexibility to pursue new opportunities in the market place.
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110 Central Park South
110 Central Park South, located between 6th and 7th Avenues in Manhattan, is the conversion of the former 211-room Intercontinental Hotel into a 28-story luxury cooperative with unobstructed view of Central Park.
With Anbau Enterprises, Inc., a developer of upscale residential projects in New York City, sought to purchase the property in March 2004, it needed a capital source able to provide the following: (i) speed – due to the short time frame of the purchase and sale contract; (ii) flexibility – to accommodate an evolving conversion strategy; and (iii) creativity – to assist the renegotiation of the existing ground lease. iStar Financial was able to provide a financial package that satisfied Anbau’s capital and timing needs which included a post-closing upsize of the loan at the customer’s request. Conversion of the property is currently underway with a scheduled delivery of the first units in early 2006.
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