Istithmar in W Washington Hotel Loan Restructuring
March 30, 2010
Cleary Gottlieb represented Istithmar in the successful restructuring of $150 million of mortgage and mezzanine debt that had financed Istithmar’s 2006 purchase and refurbishment of the W Washington Hotel, formerly the Hotel Washington. The loan is currently held by a securitization trust created by UBS, StabFund (an SPV created by the Swiss National Bank to acquire illiquid assets from UBS) and Fillmore Capital Partners.
Istithmar is the investment arm of Dubai World, which manages and supervises a diversified portfolio of businesses and projects for the Government of Dubai.