METLIFE PROVIDES $505 MILLION LOAN TO FACILITATE REFINANCING OF HOTEL PORTFOLIO AT UNIVERSAL ORLANDO RESORT
Portfolio Includes Three Luxury Resort Hotels in Orlando
New York, July 23, 2015
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.
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.