Investment in Affiliates

9 Months Ended

Sep. 30, 2013

Investment in Affiliates

  5. Investment in Affiliates

On August29, 2013, the Euro JV Fund II acquired the 465-room Sheraton Stockholm Hotel in Stockholm, Sweden, for approximately €102million ($135million). In connection with the acquisition, the Euro JV Fund II entered into a €61million ($81million) mortgage loan with an initial interest rate of 5.87% that matures in 2018. We contributed approximately €14million ($19million) to the Euro JV Fund II in connection with this acquisition, funded through a draw on our credit facility.

On October 22, 2013, the Euro JV Fund IIsold the Courtyard Paris La Defense West – Colombes for €19million.