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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.
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- ◦Financing


