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Some restaurants and hotels are partnering up to offer private dining in empty rooms, in an attempt to survive the economic fallout of the pandemic. (iStock)
The pandemic has upended every part of the hospitality industry, with travel restrictions leaving hotel rooms empty, and lockdowns in cities forcing restaurants and bars to severely limit occupancy.
That’s left some hoteliers and restaurateurs to try out a creative solution to both problems: Turn those empty rooms into private dining suites, where patrons can pay a premium for a meal provided by a local eatery (or, in some cases, the hotel’s restaurant).
Sunstone Hotel Investors Improves Financial Flexibility And Enhances Balance Sheet Strength
Successfully Extends Covenant Waiver Period
Reaches Resolution with Special Servicer on Hilton Times Square
Addresses All Near-Term Maturities
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IRVINE, Calif., Dec. 23, 2020 /PRNewswire/ Sunstone Hotel Investors, Inc. (the Company or Sunstone ) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, announced today that it has completed a series of balance sheet enhancing transactions that include: extending the waiver period of the financial covenant tests on the Company s $500 million undrawn revolving credit facility, $185 million of funded term loan facilities and $205 million of outstanding private placement senior notes ( Unsecured Debt Facilities ); addressing its remaining near-term maturities; providing resolution with the special servicer on the mortgage loan secured by the Hilton Times Square; and, redu