Ian Schrager, Ed Scheetz Land $117M Refi for Public Hotel West Hollywood

Hoteliers Ian Schrager and Ed Scheetz have secured $116.5 million of bridge debt to refinance a Los Angeles hotel set to make its Hollywood debut.

Driftwood Capital and Benefit Street Partners provided the loan for the Public Hotel West Hollywood, scheduled to open on the Sunset Strip in September at the site of the former Standard Hotel. Schrager and Scheetz redeveloped the property after acquiring it for $112.5 million in early 2023 two years after the Standard Hotel closed.

Cushman & Wakefield negotiated the debt with a team led by Rob Rubano, JP LeVeque and Joe Lieske. 

“The quality of the asset and the strength of the sponsorship led to a strong financing execution that positions the property for long-term success,” Rubano, executive vice chair and head of equity, debt and structured finance at C&W, said in a statement. “We are seeing a significant resurgence across the Sunset Strip, and the timing could not be better for Public to capitalize on the momentum and anticipation building around this widely anticipated reopening.”

The 137-key hotel at 8300 Sunset Boulevard has gone through a ground-up renovation program since Schrager and Scheetz purchased the site. Guest rooms and suites have been redesigned, and amenities such as a new rooftop deck and nightclub were added.

Schraeger, Scheetz, Driftwood Capital and Benefit Street Partners did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.