USA, New York City, New York. October 08, 2024

RobertDouglas announced today that it represented, as exclusive advisor, MetLife and Marriott in arranging a $100 million refinancing of the Sheraton New Orleans through an international bank balance sheet lender. Further details of the transaction were not disclosed.

The 1,110-key flagship Sheraton New Orleans in the heart of downtown New Orleans, Louisiana occupies an irreplaceable location in one of the nation's premier lodging markets and features 106,000 square feet of sophisticated meeting facilities.

With a superb location on Canal Street and in the epicenter of convention, leisure, and corporate demand generators, the Hotel is in walking distance to the famed French Quarter, Caesars Superdome, Smoothie King Center, 1.1 million-square-foot Ernest N. Morial Convention Center, and Central Business District (CBD). New Orleans is continuing to build on its world-renowned destination appeal, which includes its vibrant cultural scene, convention center, prominent universities, medical centers and 5 professional sports teams, with the 39-acre River District megadevelopment, anticipating more than $1 billion invested over the next decade.

The Hotel is co-owned in joint-venture by affiliates of MetLife Inc, a leading life insurance company, and Marriott International Inc, the world's largest hotel chain. The strong sponsorship underscores a commitment to exceptional asset quality and best-in-class standards.

"This strategic asset enjoys best-in-class sponsorship with an outstanding track record in hotel ownership and management," said Evan Hurd, RobertDouglas Principal & Managing Director. "Combined with strong in-place cash flow, an irreplaceable location and compelling stabilized financing metrics, this led to an extremely competitive bidding process for the refinancing of this flagship property," said Evan Hurd, RobertDouglas Principal & Managing Director. "Combined with strong in-place cash flow and compelling stabilized financing metrics, this led to an extremely competitive bidding process for the refinancing of this flagship property."

"We are pleased to work in partnership with these outstanding entities, representing unrivaled sponsorship. This transaction exemplifies the continued asset value and investment appeal of premier quality, well-positioned and well-run hospitality properties in today's marketplace," said Stephen O'Connor, RobertDouglas Principal & Managing Director.

About MetLife Investment Management

MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and, as of December 31, 2021, had $669.0 billion in total assets under management.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

About Marriott International, Inc.

Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,000 properties across more than 30 leading brands in 141 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.