The InterGroup Corporation Announces Strategic Refinancing of Hilton San Francisco Financial District Hotel

SAN FRANCISCO, CA, April 01, 2025 (GLOBE NEWSWIRE) -- The InterGroup Corporation (NASDAQ: INTG) ("InterGroup" or "the Company"), the parent company of Portsmouth Square, Inc. (OTC: PRSI) ('Portsmouth Square'), today announced the successful refinancing of its subsidiary's flagship asset, the Hilton San Francisco Financial District Hotel. This strategic refinancing positions the Company and its subsidiaries for improved financial flexibility and stability in managing their premier hospitality assets.
The refinancing was executed through Justice Operating Company, LLC ("Justice"), a wholly owned subsidiary of Portsmouth Square. Justice secured a $67 million mortgage loan agreement with PRIME Finance, arranged by Eastdil Secured, a leading global real estate investment banking firm. The loan carries an interest rate equal to the 30-day Secured Overnight Financing Rate (SOFR) plus 4.80%, and to proactively manage interest rate risk, Justice has secured an interest rate cap, limiting SOFR exposure to a maximum rate of 4.50%.
In addition, Justice Mezzanine Company, LLC another subsidiary of Portsmouth Square, has modified its existing mezzanine loan with CRED REIT Holdco LLC, obtaining a principal amount of $36.3 million at a fixed interest rate of 7.25% per annum. Both loans mature in two years, with options to extend for three additional one-year periods, providing added flexibility.
"This refinancing underscores InterGroup's ongoing commitment to strategic financial management, enhancing financial stability and operational flexibility across our companies," said David Gonzalez, Chief Operating Officer of InterGroup. "Securing these agreements demonstrates our dedication to prudent financial stewardship and positions us favorably for continued growth and long-term value creation."
Further details of the refinancing transactions will be available in the Company's forthcoming periodic report filings with the Securities and Exchange Commission (SEC).
ABOUT THE INTERGROUP CORPORATION
The InterGroup Corporation is a Delaware corporation formed in 1985, as a successor to Mutual Real Estate Investment Trust, a New York real estate investment trust created in 1965. The Company has been a publicly-held company since M-REIT's first public offering of shares in 1966 and currently trades on the NASDAQ Capital Market.
Contact:David Gonzalez, COO(310) 889-2559

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Yahoo

3 hours ago

• Yahoo

AeroVironment (AVAV) Reports Earnings Tomorrow: What To Expect

Aerospace and defense company AeroVironment (NASDAQ:AVAV) will be announcing earnings results this Tuesday afternoon. Here's what investors should know. AeroVironment missed analysts' revenue expectations by 10.9% last quarter, reporting revenues of $167.6 million, down 10.2% year on year. It was a disappointing quarter for the company, with full-year revenue guidance missing analysts' expectations significantly and full-year EBITDA guidance missing analysts' expectations significantly. Is AeroVironment a buy or sell going into earnings? Read our full analysis here, it's free. This quarter, analysts are expecting AeroVironment's revenue to grow 23.7% year on year to $243.7 million, improving from the 5.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.41 per share. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. AeroVironment has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 5.6% on average. Looking at AeroVironment's peers in the aerospace and defense segment, some have already reported their Q1 results, giving us a hint as to what we can expect. HEICO delivered year-on-year revenue growth of 14.9%, beating analysts' expectations by 3.5%, and Redwire reported a revenue decline of 30.1%, falling short of estimates by 16.5%. HEICO traded up 7.4% following the results while Redwire's stock price was unchanged. Read our full analysis of HEICO's results here and Redwire's results here. Investors in the aerospace and defense segment have had steady hands going into earnings, with share prices flat over the last month. AeroVironment is up 7.2% during the same time and is heading into earnings with an average analyst price target of $195.38 (compared to the current share price of $190.94). Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link.

The Hill

6 hours ago

• The Hill

Oil rises and US stock futures slip as markets react to US strike on Iran nuclear sites

NEW YORK (AP) — The price of oil rose and U.S. stock futures fell as global markets react to the U.S. strike against nuclear targets in Iran. The price of Brent crude oil, the international standard, rose 2.6% to $79 a barrel. U.S. crude rose 2.6% to $75.76 a barrel. On Saturday, U.S. forces attacked three Iranian nuclear and military sites, further increasing the stakes in the war between Israel and Iran. Futures for the S&P 500 and the Dow Jones Industrial Average slipped 0.3%, while Nasdaq futures fell 0.5%. Treasury yields were little changed. The modest moves indicate markets are taking the latest development in stride. The conflict, which began with an Israeli attack against Iran on June 13, has sent oil prices yo-yoing, which has in turn caused see-saw moves for the U.S. stock market, because of rising and ebbing fears that the war could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world's crude passes. An Iran retaliation that included closing off the waterway would be technically difficult to pull off but traders are afraid Iran could severely disrupt transit through it, sending insurance rates spiking and making shippers nervous to move without U.S. Navy escorts Some analysts think Iran is unlikely to close down the waterway because the country uses it to transport its own crude, mostly to China, and oil is a major source of revenue for the regime. 'It's a scorched earth possibility, a Sherman-burning-Atlanta move,' said Tom Kloza, chief market analyst at Turner Mason & Co. 'It's not probable.' Kloza thinks oil futures will ease back down after initial fears blow over. Ed Yardeni, a long-time analyst, agreed, writing in a report that Tehran leaders would likely hold back. 'They aren't crazy,' he wrote in a note to investors Sunday. 'The price of oil should fall and stock markets around the world should climb higher.' Other experts aren't so sure. Andy Lipow, a Houston analyst covering oil markets for 45 years, said countries are not always rational actors and that he wouldn't be surprised if Tehran lashed out for political or emotional reasons. 'If the Strait of Hormuz was completely shut down, oil prices would rise to $120 to $130 a barrel,' said Lipow, predicting that that would translate to about $4.50 a gallon at the pump and hurt consumers in other ways. 'It would mean higher prices for all those goods transported by truck, and it would be more difficult for the Fed to lower interest rates.'

Yahoo

6 hours ago

• Yahoo

Sequa Petroleum N.V. Update

LONDON, June 23, 2025--(BUSINESS WIRE)--Regulatory News: (BOURSE:MLSEQ) Further to its announcement of 19 May 2025, Sequa Petroleum N.V. (the "Company") has continued to monitor the situation and has not received any indication that progress towards completion of the Transaction will restart. Despite extensive efforts the Company has not been able to raise new equity capital, and without completion of the Transaction the Company will not be able to maintain a going concern nor pursue its business development strategy. Accordingly, the Company has started to reduce its remaining financial liabilities as required to pursue closure of the Company in compliance with statutory provisions for dissolution of the Company and its subsidiaries, and in a solvent manner. The Company is preparing for an extraordinary general meeting of shareholders to be held in the near term to resolve on the dissolution process. View source version on Contacts info@ Sign in to access your portfolio