HB Exclusive: RobertDouglas advises Mirbeau on EPR venture

RobertDouglas has, as exclusive advisor, represented The Mirbeau Companies, developer/operator of Mirbeau Inn & Spa resorts and the Mirbeau wellness brand, in arranging a strategic capital partnership with EPR Properties, a real estate investment trust (REIT) specializing in select experiential properties in the real estate industry.

EPR Properties is providing $77 million in convertible mortgage financing to recapitalize Mirbeau’s existing portfolio, as well as more than $47 million of forward funding commitments to finance the brand’s expansion regionally and nationally.

“We could not have been more pleased to bring together Mirbeau, the best-in-class, experiential spa & hospitality concept, and EPR Properties, the leading diversified experiential real estate investment trust,” said Matthew Dower, managing director, RobertDouglas. “These two partners are perfectly positioned to grow the Mirbeau brand nationally. This partnership will allow Mirbeau, as long-term operators, to focus on identifying and developing new locations and brand development, while offering the flexibility and efficient capital an institutional player like EPR brings.”

The family-owned and operated Mirbeau Inn & Spa is a nationally renowned destination spa-focused resort brand with locations in Skaneateles, NY; Plymouth, MA; and Rhinebeck, NY. A fourth location is under development for Beacon, NY.

“We are exceptionally pleased to once again be working with EPR Properties to ally institutional equity with a unique and highly profitable lodging platform that expands the hospitality space, in this case, a wellness-focused one,” said Douglas P. Hercher, principal/managing director, RobertDouglas. “EPR is an outstanding partner for Mirbeau with its rich experience in and broad commitment to experiential lodging.”

Michael J. Dal Pos, CEO, Mirbeau, said, “We have found an outstanding partner in EPR for our existing and prospective development pipeline. We will continue to focus on iconic, getaway destinations within a two-hour drive of major metropolitan areas; untapped markets with minimal local competition and strong demand for upscale spa services.”

Aaron Linn, VP, investments, EPR Properties, added, “We want to thank RobertDouglas for all their efforts in making this transaction happen; they are investment banking leaders who appreciate the dynamics and potential of our target experiential properties, and this partnership with Mirbeau adds to our growing portfolio of wellness partners. Mirbeau is a great brand backed by impeccable operations and marketing, which we believe has national, category-leading potential.”