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3/13/17
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Mission Capital Advisors arranged a $20.75 mil ramp loan for the Hotel Karlan, a 174-key, soft-branded DoubleTree by Hilton in northern San Diego. The property is located at 14455 Penasquitos Dr, within the Carmel Mountain Ranch area.
After acquiring the property in 2014, the borrower, SD Carmel Hotel Partners LLC, implemented comprehensive renovations to the property, enhancing guestrooms, common areas, food and beverage outlets, and meeting and spa facilities. The multimillion-dollar renovation includes remodeled guestrooms, a new dining concept – Asado Grill – and Black Horse Pub, completely upgraded state-of-the-art spa with fitness center, and two upgraded pools with outdoor cabanas.
Hotel Karlan also features six distinct meeting spaces, totaling more than 14k sf, as well as a pre-function space and an event lawn for weddings, musical performances, and other social events. Additionally, the hotel features a 4k sf ballroom.
Mission Capital’s Gregg Applefield, Alex Draganiuk and Lexington Henn arranged the three-year loan from a private equity fund. The first-mortgage financing will replace the property’s renovation loan and a preferred equity loan. Hotel Karlan is managed by San Clemente-based Evolution Hospitality, a seasoned hotel operator that currently manages 13 hospitality properties in San Diego.
Located in the North County region of San Diego, the property is ideally situated in one of the country’s top visitor destinations, in an area frequented by vacationers and corporate travelers. The North County area benefits from a vibrant corporate market driven by biotech and telecom businesses.
Laurus Corporation, a sponsor of SD Carmel Hotel Partners LLC, is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. With more than $1.2 bil in assets under management, Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post-acquisition asset management.
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