Blackstone Refi’s Hotel del Coronado in $712M CMBS Deal
Blackstone is refinancing San Diego’s iconic Hotel del Coronado via the CMBS market. The private equity firm initially envisioned offloading the 130-year property last year, but instead obtained $712 million in new debt to pay off $703 million it took out on the asset last year.
The New York based investor took a 60% stake in the historic 757-room hotel in 2011, and picked up full ownership in 2015 for roughly $1 billion. Blackstone is using four new commercial mortgage bond-based loans, as well as contributing $586,981 in cash equity in the latest financing package.
Recently, Hotel del Coronado became a Curio Collection by Hilton property, as management shifted over to Hilton Hotels & Resorts, though the original name of the property located at 1500 Orange Ave. remains the same.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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