Hospitality Investors Extends Potential Restructuring Support Agreement Deadline
May 3, 2021 | S&P Global Market Intelligence
Hospitality Investors Trust Inc. amended the agreement of its operating partnership, Hospitality Investors Trust Operating Partnership LP, with Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC.
The amendment states that if the two parties did not reach a restructuring support agreement on May 14 (extended from April 30), the operating partnership would be required to redeem 60% of the class C units paid as distributions on Dec. 31, 2020 and March 31, subject to certain conditions.
Hospitality Investors has been in talks with Brookfield, which owns all of the issued and outstanding units of limited partner interest in the operating partnership, to enter into a series of deleveraging or restructuring transactions including a pre-packaged bankruptcy.
Source: S&P Global Marketplace Intelligence
