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10/26/21
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Mirae Asset Global Investments Co Ltd has obtained a new, $450 mil refi loan for the Hyatt Regency Waikiki Beach Resort & Spa, a 1,230-key, world-class resort along Kalakaua Ave, directly across from the world-famous Waikiki Beach in Honolulu, Hawaii.
The Hyatt Regency Waikiki Beach Resort & Spa features two 40-story twin towers that contain the majority of its 1,230 guestrooms and offer panoramic views of Waikiki Beach, Diamond Head and Downtown Honolulu. The resort features three dining venues, an outdoor pool, 24-hour fitness center, 20.5k sf of meeting space, the Na Ho’ola Spa and an 11-level parking garage. The towers sit atop a three-story podium, which is home to the Pualeilani Atrium Shops. The hotel offers weekly cultural classes, including lei making, ukulele and hula lessons as well as Camp Hyatt for children.
Located on a 2.97-acre site at 2424 Kalakaua Ave, the Hyatt Regency Waikiki Beach Resort & Spa is steps away from the famed Waikiki Beach. The hotel is surrounded by a variety of upscale dining, luxury department stores and upscale boutiques situated on “Luxury Row” and is within walking distance of additional lodging demand generators, including Kapiolani Park, the Royal Hawaiian Center, Waikiki Beach Walk Entertainment Center and the Ala Moana Center. In addition, The Hyatt Regency has convenient access to the Daniel K. Inouye International Airport and Honolulu Harbor cruise terminal.
Kevin Davis and Mike Huth with JLL Hotels & Hospitality team arranged the five-year, floating-rate, interest-only loan, which was originated by Deutsche Bank AG, New York Branch and Goldman Sachs Bank USA.
“Historically, Oahu has been one of the highest RevPAR markets in the country,” Huth said. “It was incredible to witness the rapid return of demand from domestic markets over the summer in response to vaccine availability and relaxed travel restrictions.”
“The hotel’s track record of consistent pre-pandemic performance, combined with the robust recovery that commenced earlier this year generated strong interest among lenders,” Davis added. “This transaction is one of several recent SASB securitizations that illustrates a strong appetite for hospitality among bond buyers.”
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