Stonehill Deploys $30M for National Hyatt Portfolio Recap
By Andrew Coen January 6, 2022 4:48 pm
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Stonehill has supplied a $30 million financing package for the recapitalization of a national Hyatt hotel portfolio, Commercial Observer has learned.
The direct hospitality lender, which is affiliated with the Peachtree Hotel Group, provided the loan to Shashi Group and Liberty Hotel Investments. The joint venture owns the four newly built West Coast hotel properties that together comprise 754 total rooms.
“With the hospitality industry in a sustained recovery cycle, hotel owners are looking for thoughtful options with capital partners that understand the complexity of the industry, particularly considering the impact of the pandemic on hotel operators,” Stonehill Principal Matt Crosswy said in a statement. “This transaction reflects our ability to understand a complex transaction and quickly meet our sponsor’s financial deadlines.”
The properties include a 179-room Hyatt Place at 225 W Wilson Avenue in Glendale, Calif., about 25 miles outside of Los Angeles; a 220-room Hyatt Centric at 601 SW 11th Avenue in Portland, Ore.; 165-room Hyatt House on 2105 North 1st Street in San Jose, Calif.; and the 190-room Hyatt Place San Jose Airport at 82 Karina Court.
Representatives for Shashi Group-Liberty and Hyatt could not immediately be reached for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
