C&W Arranges $47.5M Financing for Hawaii Hotel
- Jul 06, 2011
July 6, 2011
By Nicholas Ziegler, News Editor
While the office sector continues its strong performance in the high-end market, the hospitality industry still lags somewhat. In one of the deals that is changing that scenario, Cushman & Wakefield Sonnenblick Goldman’s Global Hospitality Group announced Tuesday that the firm arranged a $47.5 million financing for the acquisition of the Courtyard Waikiki Beach, a 401-room property located in central Honolulu. Cushman & Wakefield represented affiliates of Lodging Capital Partners and Rockpoint Group, L.L.C. in the transaction.
“We received more than a dozen term sheets for the financing, which speaks to the flight of capital towards high quality hotels in top markets such as Waikiki,” said Robert Stiles, an executive vice president and principal at Cushman & Wakefield Sonnenblick Goldman. “
Jared Kelso, a senior director at Cushman & Wakefield Sonnenblick Goldman, was also optimistic. “This transaction demonstrated the heightened liquidity dedicated to the hospitality industry, bolstered by improving performance trends across the sector,” he said.
In recent months, Cushman & Wakefield Sonnenblick Goldman’s U.S Hospitality Group has been involved in several hotel transactions, including the sales of the JW Marriott San Francisco, Hilton Long Island/Huntington, and the Hilton Rye Town in Rye Brook, New York, and the $170 million financing of two Times Square hotels.