Supplier News21 June 2017
Los Angeles, CA – RobertDouglas announced today that it advised on the refinancing of the Luxe Rodeo Drive Hotel in Beverly Hills, California. The low-leverage, ten-year, fixed-rate, interest-only financing was provided by a leading real estate finance company and will ultimately be contributed to a commercial mortgage backed securitization pool. The terms of the refinancing were not disclosed.
The 84-room boutique Luxe Rodeo Drive Hotel is the flagship of the Luxe Hotels brand and boasts the distinction of being the only hotel located on the world-famous street, Rodeo Drive. The property is situated in the heart of Beverly Hills’ famed “Golden Triangle” on the 300-block of Rodeo Drive and includes 6,800 square feet of fully-leased ground floor retail space on Rodeo Drive.
Set amongst couture fashion houses and restaurants, the hotel provides its guests with the sense of being in a private club, with exclusive access to the Luxe Club on Rodeo lounge and the Rooftop360 spa, fitness studio and outdoor cinema space which are exclusively available to guests staying at the hotel. Known for conveying a stylish blend of the relaxed Southern California spirit and the elegance of Beverly Hills, the hotel’s wrap-around Rodeo penthouse terrace and open rooftop deck are part of the many indoor/outdoor meeting spaces at the property.
“This was a highly competitive process with lenders responding enthusiastically to the financing request,” noted Stephen O’Connor, a Principal and Managing Director of RobertDouglas. “Without overburdening this flagship asset for Luxe Hotels, the Sponsor was seeking to consolidate debts across their portfolio while lowering their average cost of capital and fully mitigating interest rate risks over the long term. We sourced a lender who delivered maximum flexibility at highly efficient pricing with a smooth underwriting and closing process; thereby ensuring the long-term financing security for this truly irreplaceable asset,” remarked O’Connor.
About RobertDouglas
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry’s pre‐eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact info@robert‐douglas.com or go to www.robert-douglas.com.
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Douglas Hercher
Managing Director & Principal
Phone: +1 (212) 993-7424
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