Deutsche Bank Refis Vegas Hilton-Branded Hotels With $46M Loan
By Andrew Coen March 29, 2024 11:51 am
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DG Development has nabbed a $46 million loan to refinance a dual-branded Hilton hotel development adjacent to the Las Vegas Convention Center, Commercial Observer can first report.
Deutsche Bank (DB) provided the loan on the developer’s 150-room Hampton Inn & Suites and a 100-key Home2 Suites, both of which were completed in 2020. The deal, led by Deutsche Bank’s Peter DiConza and Joe Schaecter, retires previous $45.5 million in debt supplied by Hall Structured Finance in 2018.
BayBridge Real Estate Capital’s Jay Miller, Spencer Miller, AJ Felberbaum and Noah Rothman arranged the transaction.
Located at 755 Sierra Vista Drive, the hotels are steps from the Las Vegas Convention Center and a mile from the University of Nevada-Las Vegas campus. Property amenities include a fitness center, swimming pool and lobby bar. Both Hampton Inn and Home2 Suites operated under the Hilton label.
Las Vegas-based DG Development acquired the 8.5-acre development site in 2011 after a proposed condominium project there failed to get off the ground, CO previously reported. The hotel plans envisioned by DG were made in anticipation of a $1 billion expansion of the convention center that debuted in 2021.
Officials at Deutsche Bank, DG Development and BayBridge did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
