Dealmaker: Phillips Realty Capital Arranges $63M For Hawaii Hotel
Michael Tucker firstname.lastname@example.org
Phillips Realty Capital, Bethesda, Md., structured a $63 million loan for the Ohana Waikiki Malia Hotel in Honolulu.
Benefit Street Partners, New York, provided the fixed-rate permanent refinancing loan to Lucky Hotels USA, Honolulu.
Phillips Realty Capital Principal John Sieber Jr., CMB, arranged the financing. Benefit Street Partners Managing Director of Originations Aaron Derby represented the lender.
Managed by Outrigger Hotels and Resorts, the 327-room property in the Waikiki Resort District is three blocks from the beach at 2211 Kuhio Avenue. The hotel's two towers were built in 1960 and 1980 and the property received a $6.2 million renovation in 2010 to update the rooms, lobby and common areas.
Sieber said Phillips sought a lender that understands Hawaii's hospitality market. "Benefit Street's experience in the market helped them to see the value of a long-term owner with near-term plans for capital upgrades that position the property well for the future," he said.