Commentary & Deal Flow

Moody's/Fitch rate One Hotels GmbH (Motel One) EUR800m term loan B (EUR100m revolver) and EUR500m sr sec notes B3/BB- (positive/stable). The term loan B is currently in the market via DB/MS/Commerz/UniCredit, meetings 04/23-24, commitments due 05/02. The sr sec notes are expected to follow. UOP: repay the bridge loan incurred to fund the repurchase of the 35% minority interest in One Hotels held by Propium Capital Partners. One Hotels is privately owned by Dieter Muller and family. Biz: The Holdco of Motel One GmbH, a hotel operator with a growing market position within its niche "affordable design" segment in Europe. HQ: Munich, Germany.