Driftwood Capital closed on a financing package for two Colorado resorts, while Sonnenblick-Eichner arranged financing for a Moxy hotel in Portland, OR.
Driftwood Capital executes financing package for two Colorado resorts
Driftwood Capital has closed a $138.7-million financing package for two resort hotels located in Estes Park, CO, on behalf of the sponsor, Grand Heritage Hotel Group. The proceeds cover the refinancing of the historic Stanley Campus, which has four lodging options comprising 192 guestrooms and 31 condo units, along with the acquisition of the nearby Fall River Village Resort (shown above) , an 89-key upscale lodge.
Driftwood contributed a $24.3-million mezzanine loan through its lending fund, Driftwood Lending Partners LP, behind a $114.4-million senior financing package originated by a major life insurance company. The sponsor will use a portion of the proceeds, $6.9 million, toward renovations of The Stanley Hotel in early 2022, including conversion of the ballroom to a restaurant, bathroom updates in the hotel’s main building, improvements to the presidential cottage and investments in several new food and beverage venues and related amenities.
Built between 1902 and 2018, the Stanley Campus sits on 68 acres with 14 buildings, 192 guestrooms and 31 condo units across four distinct lodging options: The Stanley, which is the original historic hotel; The Lodge, updated historic rooms with a boutique feel; Aspire, apartment-style rooms featuring kitchenettes; and The Residences, fully equipped one- to three-bedroom residences. The property has more than 25,000 sq. ft. of meeting and event space, multiple food and beverage venues, a spa and a 550-person concert venue, The Stanley Live.
The Fall River Village Resort, built in 2000 and most recently renovated in 2018, is located close to downtown Estes Park. The resort currently features nine one-bedroom/one-bathroom condos, 64 two-bedroom/two-bathroom condos, 12 three-bedroom townhomes and four four-bedroom townhomes, all located near the banks of the Fall River, or perched up high with views of the Continental Divide. Amenities include a heated, outdoor pool and year-round, outdoor hot tubs; a community room; fire pit and grill areas; and an outdoor recreation area. In August 2018, Fall River Village introduced Skyview Wedding and Event Center, a 10,000-sq.-ft. event venue.
Sonnenblick-Eichner arranges financing for Moxy in Portland, OR
Sonnenblick-Eichner Company has arranged $39 million of non-recourse interim leasehold first mortgage financing for Moxy Portland Downtown, a 197-room hotel located in the West End District of downtown Portland, OR.
The hotel opened in March 2021 and, consequently, has limited operating history. Proceeds from this financing were used to pay off the construction loan, provide funds for an interest reserve and to pay closing costs and fees. The five-year LIBOR-based floating rate loan was sized to approximately 76% of total project costs. The property was developed and is managed by Graves Hospitality, and is owned in partnership with KCB Real Estate.
Amenities at the hotel include a lobby bar, lounge and a 24-hour fitness center. The hotel is located in Portland’s West End District between the downtown retail core and Powell’s City of Books at the edge of the Pearl District.