Aareal agrees to restructuring of Prague InterConti

Strategic Hotels & Resorts has released its its first quarter numbers, reporting a 3.3% drop in EBITDA of $800,000 to $22m. Total North American RevPAR fell 3.7%  amidst a background of marginally higher occupancy and lower rates. In the report, it announces that it reached a restructuring agreement on a €104m non-recourse loan securing the InterContinental Prague.

Under the terms of the amendment, the loan remains non-recourse and the loan maturity is extended by three years from its initial maturity of March 2012 to March 2015. During the remainder of the initial term, scheduled principal amortization is suspended and the financial performance covenants are waived.

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