Friday, March 31, 2017

Continental Partners Secures $54 Million in Financing for 244-Room Ritz-Carlton Luxury Resort in Rancho Mirage, CA

Ritz-Carlton Rancho Mirage Resort, 68900 Frank Sinatra Drive, Rancho Mirage, CA

Mitch Paskover
 RANCHO MIRAGE, CA – Commercial real estate investment banking firm Continental Partners has secured $54 million in fixed-rate, non-recourse, interest-only refinancing for the Ritz-Carlton Rancho Mirage, a 244-room luxury resort in Rancho Mirage, California. The financing was arranged by Continental Partners President Mitch Paskover.

“When it comes to financing hotels, many lenders remain somewhat conservative and are hesitant to advance higher leverage loans,” explains Paskover. “The hotel sector has demonstrated steady growth over the past several years, yet some lenders believe that the market is reaching its peak as occupancies stabilize and average daily rates moderate.

“That said, while some capital sources are tightening their underwriting standards, there is still strong lender appetite for well-located hotels with solid financials and high ADRs.”

The sponsor, a private real estate investor and developer, had requested an interest only, fixed-rate, non-recourse loan to replace the maturing construction loan to buy out their existing partner in the deal.

The Ritz-Carlton resort represents one component of an expansive mixed-use project that was to be developed in two separate phases. The first phase included the renovation and conversion of an existing hotel into a luxury resort and the addition of 16 for-sale residences.

 For a complete copy of the company’s news release, please contact:

Lauren Burgos
Junior Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940

No comments: