Schrager Hotels Obtains New Financing on Santa Barbara Hotel Property
NEW YORK, Aug. 1 Ian Schrager Hotels today announced that it has obtained new financing on its Miramar Hotel property in Santa Barbara, California, and has paid off its loan held by Santa Barbara Bank & Trust. The new $16 million financing was obtained from Canyon Capital Realty Advisors in Beverly Hills, California.
Ian Schrager, CEO of ISH, said that the Miramar Hotel refinancing is the first of a series of financings that ISH expects to complete within the coming weeks and months.
Commenting on the Miramar project, Mr. Schrager reiterated the commitment of ISH to develop the Miramar into a world-class resort.
"With this financing completed, ISH can now devote its time and energy to the development of the property," he said. "We are very excited about its potential. We are committed to making this a destination resort which is unique, on the one hand, and in keeping with the charm and character of the Santa Barbara community on the other."
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