Recent transactions include StonePark Capital acquiring The Waterman in Santa Barbara, CA; Weekender Hotels purchasing two hotels in upstate New York; and more.
StonePark Capital acquires The Waterman hotel
StonePark Capital has acquired The Waterman, a 31-room hotel, located in the Funk Zone neighborhood of Santa Barbara, CA. Built in 2014, The Waterman includes a swimming pool and an outdoor gathering area.
The property is set to join Moxy Hotels and the transition will take approximately 12 months as the StonePark team completes upgrades to the common areas and guestrooms. The hotel will remain open throughout the upgrades, which are expected to be complete by summer 2023.
The Waterman represents the first of two Marriott projects for StonePark Capital in Santa Barbara, with a 122-room Courtyard by Marriott anticipated to open this fall. StonePark Capital has teamed up with Azul Hospitality Group to oversee the management of both of these hotels.
Weekender Hotels acquires two hotels in upstate New York
Weekender Hotels has acquired two new hotel properties in the Adirondack region of upstate New York. Town House Lodge in Lake Placid and Shaheen’s Adirondack Inn in Tupper Lake are the newest portfolio additions for the Saratoga Springs-based Weekender Hotels.
Town House Lodge offers a heated saltwater pool, a grilling area and a classic Adirondack fire pit overlooking Lake Placid and the surrounding mountains. There are 22 guestrooms, and—following a renovation—will have the Weekender Hotels’ signature amenities, more than three additional guestrooms and accommodations and the new motif that will tie in some of the property’s vintage details as an homage to the retro feel of the property and its heritage.
Shaheen’s Adirondack Inn is located near Wild Center and features numerous activities, including swimming, boating, fishing, paddling and snowmobiling in the winter.
Oxford Capital Group recapitalizes The Godfrey Hotel Hollywood
Oxford Capital Group LLC has revealed the successful recapitalization of its construction debt and equity at its newest California-based hotel property, The Godfrey Hotel Hollywood, including senior debt from Alliance Bernstein and preferred equity from Related Fund Management.
On the heels of its first full year in Los Angeles, The Godfrey Hotel Hollywood—a 220-room luxury lifestyle hotel with the SoCal-centric restaurant and bar ALK; a courtyard event space with seven adjacent hospitality suites; and the 12,000-sq.-ft. I|O rooftop—will continue to be sponsored and managed by Oxford Capital Group LLC and Oxford Hotels & Resorts LLC, respectively. After opening its doors in August 2021, The Godfrey Hotel Hollywood is Oxford’s 10th California property and 12th in the Western region.
“We are excited not only to see continued institutional interest in our growing portfolio of lifestyle brands and assets nationwide but also to have recapitalized our construction capital stack with two world-class firms shortly after successfully developing and opening the property,” said Sarang Peruri, COO, Oxford Capital Group LLC and partner, Oxford Hotels & Resorts LLC.
Michael Straw from Hodges Ward Elliott, who advised on the transaction, said, “Despite a challenging capital markets environment, the operational expertise of Oxford Capital Group combined with the asset quality of The Godfrey Hotel created a competitive landscape for the senior debt. Alliance Bernstein’s strength in the hospitality lending space uniquely positioned their platform to provide a strategic loan.”
CBRE Capital Markets arranges $57.5M in refinancing for Art Ovation hotel
CBRE has secured $57.5 million in refinancing for the Art Ovation, Marriott Autograph Collection, a 162-key hotel located in the cultural arts district of Downtown Sarasota.
Eric Fixler and Chandler Kaye with CBRE Capital Markets worked on behalf of the borrower to arrange a 10-year commercial mortgage-backed securities loan with two years of interest-only payments.
The hotel, developed by the Prime Hospitality Group, opened in 2018 and features the Perspective Rooftop Bar, more than 10,000 sq. ft. of meeting space and restaurants with views of Sarasota, the marina and Bayfront Park.