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