PCCP COMPLETES DISCOUNTED NOTE PURCHASE FROM COLUMN FINANCIAL

by admin

CALIFORNIA — PCCP LLC has acquired the A note of a loan previously held by Column Financial. The company purchased the B note of the same loan from Column Financial in December 2007. The loan is secured by two hotels owned by The Carlyle Group: the 309-room Crowne Plaza at San Francisco International Airport in Burlingame, Calif., and the 156-room Holiday Inn Express in Walnut Creek, Calif. PCCP now holds both the A and B notes of the whole loan, which was originally a $48.3 million senior loan secured by a portfolio of four hotels in Northern California.

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