Credit Suisse Lends $250M on DC, Miami Beach St. Regis Hotels

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Qatar’ Al Rayyan Tourism Investment Company (ARTIC) has sealed a $250 million debt package to refinance two St. Regis hotel properties, one each in Washington D.C., and South Florida, Commercial Observer can first report.

Credit Suisse supplied the financing for AFH’s St. Regis Bal Harbour Resort in Miami Beach, Fla. and St. Regis Washington, D.C. to retire existing debt, fund a future capital improvement reserve and return a portion of equity to the sponsorship team. 

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Newmark arranged the financing with a team led by Dustin Stolly and Jordan Roeschlaub alongside Chris Kramer, Nick Scribani and Danny Matz. Newmark’s Dubai’s office — run by Joe Morris — also assisted in the transaction. 

“This transaction is a perfect example of a top-tier sponsorship leveraging a key lender relationship in order to facilitate an attractive execution for all parties involved,” Roeschlaub said in a statement. “The Credit Suisse team demonstrated why they are one of the most active players in the space, efficiently working through the underwriting and closing process.”

Located at 9703 Collins Avenue, the 216-room St. Regis Bal Harbour Resort was built in 2011 as part of a larger, mixed-use complex on over 21 acres of beachfront land. The luxury resort, which underwent a $35 million renovation in 2017, comprises two outdoor pools, child care services, cabanas with day beds, an art gallery, a retail store, a business center and roughly 18,000 square feet of meeting space. 

The eight-story, 172-room St. Regis Washington, D.C., located at 923 16th Street NW, was constructed in 1926.

“Not to be discounted is the exceptional quality of the underlying assets and renowned reputation surrounding the St. Regis brand,” Stolly said in a statement. “The [ARTIC] team has done a great job of managing and investing in the assets, two aspects that really showed in this financing.”

Representatives for ARTC did not immediately respond to a request for comment. Credit Suisse declined to comment.

Andrew Coen can be reached at acoen@commercialobserver.com.