USC Hyatt House Hotel Lands $61.5M Refi
The 200-key hotel opened in December 2020 in Los Angeles
Westbrook Partners has provided $61.5 million to refinance the leasehold interest for the Hyatt House Hotel at the University of Southern California Health Sciences Campus.
The Mayer Corporation developed the 200-key hotel, which opened in December 2020. It’s located at 2200 Trojan Way in Boyle Heights, east of Downtown L.A., and features conference facilities and nearly 14,000 square feet of retail space.
It’s the only hotel on the campus, and it’s the newest hospitality development in the Boyle Heights market. CBRE announced and facilitated the financing for Mayer.
“This transaction reinforces the strong interest in hospitality and mixed-use properties across the country and particularly in Los Angeles,” CBRE’s Mark Owens said.
CBRE’s Olga Lepow said that investors have shown a strong interest in extended stay-hotels, “with this segment reporting some of the highest occupancies through the COVID-19 pandemic.”
Westbrook Partners was not immediately available for comment.
Gregory Cornfield can be reached at firstname.lastname@example.org.