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1/08/16
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HFF has arranged $30 mil in long-term refi money for a two-property, full-service hotel portfolio totaling 581 rooms in Honolulu, Hawaii. The portfolio consists of the 307-room Airport Honolulu Hotel at 3401 North Nimitz Hwy and the 274-room Best Western The Plaza Hotel at 3253 North Nimitz Hwy.
The Northern Honolulu hotels are situated at the entrance to Honolulu International Airport, the main point of entry for Oahu’s five million annual visitors. The hotels’ surrounding area will have three stops on the Honolulu Rail Transit Project, which is scheduled for completion in 2017 and will consist of 21 stations that connect West Oahu to the airport and continue into downtown Honolulu. The project will give guests rail access to major tourist destinations, including Pearl Harbor Naval Base and Lagoon Drive. Waikiki Beach is six miles from the hotels, and Diamond Head is less than 11 miles away.
The Airport Honolulu Hotel has two four-story buildings and features a picnic area, 3.4k sf of meeting space and the full-service Willoughby’s Restaurant. With one 12-story tower and three two-story buildings, Best Western The Plaza Hotel has 3k sf of meeting space and the full-service Plaza Café. Both hotels have fitness centers, business centers and outdoor pools with sun decks.
HFF’s Bill Fishel arranged the 30-year, fixed-rate loan on behalf of the borrower, TEG Hotels LLC. The loan, which is based on a a 30-year amortization, was funded through a major U.S. insurance company. Loan proceeds are being used to pay off an existing loan and fund capital improvements. The assets are on a ground lease with 30.5 years remaining.
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