Marriott Recapitalizes Aruba Property
- Feb 16, 2018
CBRE Hotels has secured a $195 million mortgage to recapitalize the 414-key Aruba Marriott Resort and Stellaris Casino in Palm Beach, Aruba. Cantor Commercial Real Estate provided the fixed-rate, interest-only loan to the property owner. The proceeds of the loan enabled the buy-out of some of the partners.
Located at 101 L.G. Smith Blvd., the property is situated along the main, northwestern beach of the island, alongside a number of other international luxury resorts and hotels. The asset was constructed in 1995 and most recently renovated in 2008, according to Travel Weekly.
Guest amenities include direct beach access, six restaurants, a swimming pool, a 24-hour fitness center, tennis courts and a basketball court. In addition to the island’s largest casino, the building also includes 10,450 square feet of conference and event space.
“The institutional sponsorship paired with an aggressive on-the-ground asset management team, an incredible physical product, strong and consistent cash flow, and Marriott’s global platform generated a surprising amount of liquidity for such a large Caribbean transaction,” said Mark Owens, executive vice president & head of debt and structured finance for CBRE Hotels, in a prepared statement.
Owens, along with the firm’s Christian Charre and Paul Weimer, led the team which secured the transaction.
Image courtesy of CBRE