Stonehill Originates $58M Bridge Financing for Maui Seaside Hotel in Hawaii
ASAP International Hotel has landed$58.1 million in bridge financing to acquire the Maui Seaside Hotel in Kahului, Hawaii, Commercial Observer has learned.
Stonehill originated the three-year, nonrecourse senior loan.
“Our hotel experience and understanding of the complexities of a significant conversion to a major brand were essential for providing the sponsor with a creative and cost-efficient capital solution,” Keegan Bisch, a Vice President at Stonehill, told Commercial Observer. “Having this industry knowledge of originating complex hotel transactions as well as the quickness and certainty of execution differentiates Stonehill in the market.”
Located at 100 West Kaahumanu Avenue, about 2.8 miles from Kahului Airport, Maui Seaside Hotel has 191 rooms. ASAP International Hotel plans to convert the hotel to a more upscale Tapestry Collection by Hilton. Once renovated, the hotel will be the only Hilton on the island of Maui for the hotel chain’s 90 million Hilton Honors members to utilize their points for vacation, according to Frank Yuan, CEO of ASAP Holdings
“Hawaii has seen tremendous leisure travel throughout the recent international lockdowns. We expect U.S. leisure travel to continue as the leader for growth as we come out of the pandemic, Yuan said. “The Maui Seaside Hotel offers us a rare value-add opportunity in a high-growth market.”
Emily Fu can be reached at efu@commercialobserver.com.
