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Berkshire plans to spend several million dollars renovating the property. It has lined up $36 million of Freddie Mac financing for the acquisition and renovations. The fixed-to-float loan has a seven-year term, with an interest rate of 5.8 percent.
hotel is managed by Marriott International Inc. under a long-term agreement.
Built in 1984 and fully leased to tenants such as The Gap, Guitar Center, K-B Toys and Hollywood Video.
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