Bank of China has checked into a prominent San Francisco hotel.
The overseas banking giant loaned $87 million to help finance Loews Hotels & Resorts’ acquisition of the former Mandarin Oriental San Francisco in the city’s Financial District, according to JLL, which arranged the financing on behalf of the borrower.
New York-based Loews Hotels & Resorts paid roughly $158 million for the 155-room hotel this spring, according to The Registry, a Bay Area real estate publication.
The Bank of China loan would then cover about 55 percent of the purchase. The terms of the debt were not immediately available.
JLL Senior Vice President Mike Huth, Managing Director John Manning and Executive Vice Presidents Kevin Davis and Alex Witt worked on the deal.
Now dubbed the Loews Regency San Francisco, the hotel is located on the top 11 floors of the 48-story 345 California Center office tower. The building is the third tallest in the city and overlooks Fisherman’s Wharf, as well as the Golden Gate Bridge and Transamerica Pyramid building.
“The newly rebranded Loews Regency San Francisco is a truly remarkable hotel with unparalleled views and impeccable service,” Mr. Huth said in prepared remarks provided to Commercial Observer. “The quality of the asset, the strength of the local market, and the world class sponsorship presented lenders with a really rare and attractive financing opportunity.”
A representative for Bank of China could not be reached for comment.