Rockbridge Capital lends $ 38 million for the Redondo Beach hotel in Los Angeles – Commercial Observer
The owner of a marina hotel in South Bay in Los Angeles has secured new funding as the post-pandemic recovery continues into 2021.
Sources said Capital of Rockbridge provided $ 38 million in interim first-lease mortgage financing for the 161 rooms Portofino Hotel and Marina at Redondo beach. The five-year LIBOR-based variable rate loan replaces maturing financing. Property records show a $ 16.2 million loan from Preferred bank for a year and a half.
Noble House Hotels & Resorts owns the Portofino hotel in 260 Portofino Way. The property includes a marina with 181 slides and 19 apartments, as well as a restaurant, lounge, lobby bar, meeting and event space, outdoor swimming pool, fitness center, and more. .
Sonnenblick-Eichner Company organized the funding.
Many more people are traveling this year, and the Rockbridge loan shows continued confidence in hospitality emerging from the pandemic, which is especially noticeable after The vastly disproportionate impact of COVID-19 on hotels. Trepp data shows year-end occupancy rate was similar to 2019 rates for all property types except accommodation, which fell from 75% to 48%. For comparison, commercial and multi-family occupancy both ended 2020 at around 93%.
“In 2020, the average NOI and occupancy of home loans decreased by 70.5% and 35.6%, respectively, compared to the previous year. ” Catherine liu, an associate director at Trepp, wrote. “Full-service hotels, given their reliance on leisure and business travel, have suffered the most serious financial damage, far exceeding that of any other property subtype, while extended stays, often seen as a temporary accommodation alternative for displaced workers, fared better than all. other hotel sectors.
Gregory Cornfield can be reached at [email protected].