Hotels are proving to be some of the most difficult commercial mortgages to refinance as prices level off and lenders tighten underwriting criteria.

Yet the Blackstone Group recently obtained $715 million in loans on the 1,047-room Waldorf Astoria Boca Raton Resort & Club, paying off debt it had taken out in 2013. It also cashed out $136.5 million of equity that it had built up over the past three years.

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