Hyatt House’s Offering as Newest Product Leads to Refinancing of $62M
Refinancing to the tune of $61.5 million for the leasehold interest for the Hyatt House Los Angeles University Medical Center was recently secured on behalf of the Mayer Corporation. The hotel is located on the University of Southern California Health Sciences Campus.
CBRE Hotels’ Mark Owens and Olga Lepow facilitated the debt financing with Westbrook Partners on behalf of the California-based owner, developer and operator of hospitality properties.
“This transaction reinforces the strong interest in hospitality and mixed-use properties across the country and particularly in Los Angeles. With over $1.6 billion of hospitality financing closings by our team in the U.S. recently, it’s clear that the search for yield and appeal of hospitality real estate go together,” said Owens.
The 200-key Hyatt House Hotel, which opened in late December 2020, houses conference facilities and nearly 14,000 square foot of retail space with nationally known tenants. “Investors have shown a strong interest in extended stay-hotels, with this segment reporting some of the highest occupancies through the COVID-19 pandemic. Furthermore, the hotel offers the newest product in the market, which ultimately made this opportunity highly desirable,” adds Lepow.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.