NEW YORK, September 30, 2026 – Corvane Ryle LLP today announced that it advised Castellan Hotels, an owner and operator of hotels and resorts, on a US$650 million refinancing of its senior secured credit facilities. The new facilities comprise a seven-year term loan and a five-year revolving credit facility and replace existing debt that was due to mature over the next two years.
The refinancing extends the company's debt maturity profile, lowers its overall borrowing cost and gives Castellan additional capacity to invest in the renovation of its owned properties. It follows a year in which the company reported record occupancy across its resort portfolio and increased demand from group and corporate travelers.
The Corvane Ryle team was led by Benedikt Sauerland, a banking and private credit partner in Frankfurt, who advised on the structure of the facilities and negotiated the credit agreement. Naomi Feldspar, a restructuring partner in Chicago, advised on the intercreditor arrangements and on the treatment of existing lenders. Arjun Mehra-Collins, a tax partner in New York, advised on the structure of the borrower group and the treatment of cross-border interest payments.
The team also included lawyers from the firm's Real Estate and Capital Markets groups in New York and Chicago, who advised on mortgage security over key properties and on related regulatory matters.
"Castellan came to the market from a position of strength, and the lenders responded to that," said Benedikt Sauerland. "The result is a financing that matches the company's growth plans and gives it flexibility for the years ahead."
Corvane Ryle advises borrowers, lenders and sponsors on leveraged finance, refinancings and restructurings, with particular depth in hospitality, consumer and real estate-related credits.
About Corvane Ryle LLP: Founded in Chicago in 1958, Corvane Ryle LLP has approximately 2,400 lawyers in 26 offices across 14 countries. The firm advises on transactions, regulatory matters and disputes for clients in technology, consumer, healthcare and energy transition. Counsel for what comes next.