iBorrow Provides $87M Acquisition Financing for Historic LA Hotel
Commercial real estate lender iBorrow has provided financing to hoteliers Ian Schrager and Ed Scheetz to enable their acquisition of the former 139-key Standard Hotel property at 8300 Sunset Boulevard in West Hollywood, CA. The $86.7 million loan was funded through a co-lending partnership between iBorrow and Reuben Brothers.
Schrager and Scheetz plan on renovating the historic property on the Sunset Strip, and will rebrand the hotel to the PUBLIC Hotel flag. According to a news release, a creative and flexible financing structure was needed, especially as the property will remain non-operational through the term of the loan.
“We’ve observed that the hospitality sector has experienced increasing demand in gateway cities, including Los Angeles, and we are confident in the ability of this successful and experienced team of hotel operators to execute on their plan as West Hollywood continues to draw tourists,” said Andy Peltz, Co-Executive Chairman at iBorrow.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.