HFF Secures $50M Refinancing for Houston’s Zaza Hotel
- Dec 27, 2011
Holliday Fenoglio Fowler L.P. arranged a $50 million refinancing for Houston’s luxurious Zaza Hotel. Working on behalf of the owners, HFF secured a 10-year, fixed-rate loan through Goldman Sachs Commercial Mortgage Capital L.P.
Located in Houston’s Museum District, at 5701 Main St., the 315-room luxury hotel is adjacent to the renowned Texas Medical Center and Rice University; built in 1925, the property served many years as the Warwick Hotel, until its reopening as the Zaza in 2007 after undergoing substantial renovations. The Zaza Hotel has 241 guest suites, 51 villas and suites, 10 concept suites and eight “Magnificent Seven” ultra-luxury suites. Hotel amenities include ZaSpa, a pool with private cabanas and full-service bar and grill, and the Monarch Restaurant. For its business travelers, the hotel accommodated 21,000 square feet for meeting space, while also providing WiFi for the entire property and a dedicated business center on the second floor equipped with desktop computers, printer, fax, copier and extra work space.
The HFF team representing the borrower was led by senior managing director Mark West, director John Bourret and associate director Colby Mueck.
In other real estate news, MHN Online reports that a 940-unit portfolio traded hands in Houston; Camden, a local-based multifamily REIT, teamed with the Teacher Retirement System of Texas in order to acquire the three-property, Class A apartment portfolio. The three properties—Piney Creek, a 318-unit property in Houston; the 304-unit Spring Creek in Spring; and Downs at Cinco Ranch, a 318-unit property in Katy—were marketed by ARA on behalf of a tenant-in-common seller.
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