Bank of America Provides $125M to Refi Anaheim Hotel
By Nick Trombola June 25, 2024 5:02 pm
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Tushar Patel’s Tarsadia Investments has clinched a nine-figure refinancing deal for one of its hotels in Anaheim, Calif.
Bank of America (BAC) provided the $125 million commercial mortgage-backed securities (CMBS) loan backed by the 1,030-room Anaheim Marriott Hotel at 700 West Convention Way, according to The Real Deal. The new loan supersedes $110 million of CMBS debt from J.P. Morgan Chase Bank that was provided to Tarsadia in 2014.
Newport Beach, Calif.-based Tarsadia bought the hotel for $80 million in 1999, with Marriott having a long-term lease there, per TRD. Average occupancy in the hotel is 78 percent.
A representative for the firm did not immediately respond to a request for comment.
Patel is far from the only hotelier making moves in Southern California lately.
Most recently, Jason Illoulian’s Faring Capital also recently received a more modest $35 million from Centennial Bank toward the planned Robertson Lane, a 123-room luxury hotel and seven-story office building in West Hollywood.
Arya Group founder Ardeshir Tavangarian is also in the midst of planning a 15-story, 174-unit boutique hotel near both the L.A. Clippers’ Intuit Dome and SoFi Stadium in Inglewood, Calif. The project, dubbed Arya Hotel, would be the tallest building in Inglewood once completed.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
