The Coronado’s owner got a $205-million loan.
According to terms of the loan to M. Larry Lawrence, Greenwich, Conn.-based Primerica, the former American Can Co., will receive a percentage of the cash flow generated by the historic Hotel del Coronado near San Diego, which will celebrate its 100th birthday next year. Primerica will also provide unspecified amounts of capital to be used for improvements at the hotel. Lawrence said the $205 million will be used to consolidate existing debt at several of his wholly owned companies. Previous reports that Primerica had obtained an equity position in the hotel were incorrect, according to Lawrence and a Primerica spokesman.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
