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| Best Western The Plaza Hotel, 3253 North Nimitz Highway, Honolulu, Hawaii |
LOS ANGELES, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a long-term $30
million refinancing for a two-property, full-service hotel portfolio totaling
581 rooms in Honolulu, Hawaii.
HFF worked on behalf of
the borrower, TEG Hotels, LLC, to place the 30-year, fixed-rate loan that has a
30-year amortization with a major U.S. insurance company. Loan proceeds are being used to pay off an
existing loan and fund capital improvements.
The assets are on a ground lease with 30.5 years remaining.
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| Airport Honolulu Hotel at 3401 North Nimitz Highway, Honolulu, Hawaii |
The portfolio consists of
the 307-room Airport Honolulu Hotel at 3401 North Nimitz Highway and the
274-room Best Western The Plaza Hotel at 3253 North Nimitz Highway.
The Northern Honolulu hotels are situated at
the entrance to Honolulu International Airport, the main point of entry for
Oahu’s five million annual visitors. The
hotels’ surrounding area will have three stops on the Honolulu Rail Transit
Project, which is scheduled for completion in 2017 and will consist of 21
stations that connect West Oahu to the airport and continue into downtown
Honolulu.
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| Bill Fishel |
The project will give
guests rail access to major tourist destinations, including Pearl Harbor Naval
Base and Lagoon Drive. Waikiki Beach is
six miles from the hotels, and Diamond Head is less than 11 miles away.
The Airport Honolulu Hotel
has two four-story buildings and features a picnic area, 3,401 square feet of
meeting space and the full-service Willoughby’s Restaurant.
With one 12-story tower and three two-story
buildings, Best Western The Plaza Hotel has 3,024 square feet of meeting space and
the full-service Plaza Café. Both hotels
have fitness centers, business centers and outdoor pools with sun decks.
The HFF debt placement
team representing the borrower was led by director Bill Fishel, based in HFF’s Los Angeles office.
“Institutional lenders and
investors are squarely focused on increasing their allocations to Hawaii,”
Fishel said.
“The lender was exceptional
to work with on this transaction, and we were thrilled to secure a 30-year
financing given the borrower’s long-term ownership plan and today’s
historically-low interest-rate environment.”
TEG Hotels, LLC (TEG) is a privately owned,
hospitality focused real estate company founded by David Elmore.
For a complete copy of the company’s news release, pease
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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