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California  + Los Angeles  + Hospitality  | 

George Smith Partners Arranges $50M for Hotel Conversion

George Smith Partners arranged $50 million in construction financing for the redevelopment of a 258,000-square-foot, 13-story office tower in Los Angeles. The property will be converted into a 129-key Hyatt House and a 272-key Hyatt Place Hotel adjacent to LAX at 5959 West Century Blvd. Completion is planned for 2019.

Sized to 50% of total project cost, the non-recourse, interest-only loan will float at a spread of 425 basis points over one-month LIBOR, and carries two one-year extension options.

George Smith Partners’ Zachary Streit arranged the senior construction financing, on behalf of 5959 LLC, an affiliate of California Real Estate Regional Center, LLC (CaRE).

“There is growing demand in the LAX submarket, and the current hotel stock is largely outdated. As a result, this new dual-branded offering, which will feature a trendy, mid-century urban design, will be of immediate interest to business and leisure travelers,” Streit says.


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About Dennis Kaiser

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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