Strategic Hotels & Resorts announced it has closed a new $300 million stock-secured credit facility with an accordion feature allowing for additional borrowing capacity up to $400 million. The new facility replaces a $300 million mortgage secured revolving credit facility set to mature, assuming all extension options were exercised, in June 2015. The facility has a four-year term with a one-year extension available to the company.

Deutsche Bank Securities and J.P. Morgan Securities served as joint lead arrangers and joint book-running managers for the facility. Deutsche Bank AG New York Branch and JPMorgan Chase Bank served as administrative agent and syndication agent, respectively. Bank of America; BMO Harris Bank, Capital One Bank, Sumitomo Mitsui Banking and Wells Fargo Bank served as co-documentation agents. MidFirst Bank; PNC Bank; Raymond James Bank and The PrivateBank are additional participating banks.

The facility is secured by an equity pledge in direct and indirect subsidiaries that own, lease or operate five of the company’s assets: the Four Seasons Jackson Hole, Four Seasons Silicon Valley, Marriott Lincolnshire, Ritz-Carlton Half Moon Bay and Ritz-Carlton Laguna Niguel hotels.