American General Hospitality Corp., a hotel real estate investment trust based in Dallas, has received a commitment for a $600 million unsecured credit facility, the company announced this week.
Societe Generale is leading a syndicate of banks in the facility, which include Banc One Corp., Bank of Nova Scotia, and Wells Fargo Bank.
The facility, to fund hotel acquisition and renovation programs, will increase a $300 million facility established in June.
The company said that the new facility, because unsecured, will provide more balance-sheet flexibility, less onerous costs, and less delay when closing transactions.
American General expects the new facility to close Feb. 13.