Columbia Pacific Advisors arranges USD27m loan for Hyatt Hotel New in LA
Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a USD27 million construction completion bridge loan to recapitalise the Hyatt Hotel Nue at 1525 North Cahuenga Boulevard in Los Angeles.
The hotel features 64 guest rooms and will include a ground floor lobby and restaurant, rooftop bar, contemporary lounge and pool area featuring remarkable views of the Hollywood Hills and Los Angeles skyline, as well as an underground parking garage. The concept is part of the Hyatt Unbound collection which will cater to business travelers and tourists seeking a unique, social experience. Situated between Hollywood Boulevard and Sunset Boulevard in Hollywood, the seven-story boutique-style hotel’s marquee location is within easy walking distance to popular restaurants, bars, shopping, and tourist destinations.
“Luxury boutique hotels that focus primarily on leisure-driven markets have generally fared better and are expected to recover sooner than properties that are more reliant on convention or group revenue,” notes Eric Jordan, Senior Vice President of Real Estate Lending at Columbia Pacific Advisors. “With cities returning to normal and travelers planning for life back on the road, the Hyatt Hotel Nue should benefit from these trends due to its focus on tourists and locals and its well-timed opening targeted for the end of the year.”
The Hyatt Hotel Nue is owned by S3D Partners, LLC, a family-run business led by Jayesh Kumar with more than 22 years of experience in investing, developing, and operating hotels. The group currently owns or maintains an interest in 12 other hotels throughout California and Texas.
“We are very pleased to have closed on our financing with Columbia Pacific Advisors. In spite of the challenges imposed by COVID, the Columbia Pacific team recognised the unique opportunity presented by this project and worked tirelessly with our team to close this loan. We look forward to embarking on this journey together and are thrilled to bring this high quality, modern boutique hotel to Hollywood later this year. Special thanks to Jaz Pirvani and the Campaign Capital team for their efforts in securing this loan,” says Jayesh Kumar, CEO, S3D Partners, LLC.