|
11/25/14
|
In a big dollar financing deal out of San Diego, HFF arranged $140 mil in financing for the Omni San Diego hotel, a 511-key luxury, convention center hotel. The borrower, a joint venture between TRT Holdings and JMI Realty, will use the money to refinance the existing debt on the hotel.
The hotel is located at 675 L Street in San Diego’s Gaslamp Quarter, a popular downtown dining, entertainment and urban shopping district. The 200k sf hotel is directly across Harbor Rd from the main entrance of the San Diego Convention Center and within walking distance to more than 100 restaurants, galleries and boutiques.
The Omni San Diego was built in 2004 and renovated in 2013. Within its 21 floors, the hotel contains 257 king rooms, 221 double rooms, 14 one-bedroom junior suites, 13 one-bedroom parlor suites, four hospitality suites and two VIP suites.
McCormick & Schmick’s Seafood Restaurant, a nationally-renowned restaurant, occupies space in the hotel and provides 24-hour guest room dining. Additionally, the Terrace Bar & Grill provides poolside dining and Morsel’s, a gourmet coffee bar and gift shop, is in the lobby. Hotel amenities include an 8k sf rooftop terrace, 27k sf of meeting space, outdoor heated pool and spa and full-service fitness center. Not included in the financing are 11 floors containing 36 condominiums accessible by an entrance separate from the main hotel entrance.
The 15-year, fixed -rate loan was funded through AIG Investments. HFF’s senior managing director Whitaker Johnson, managing directors James Fowler and Scott Hall and real estate analyst Sarah Baccich arranged the transaction.
TRT Holdings is a privately-owned, diversified holding company located in Dallas, TX. Assets include Omni Hotels & Resorts, Gold's Gym International, Tana Exploration and numerous investments in public companies and various real estate ventures.
JMI Realty is a private real estate investment and development company that currently manages a real estate investment portfolio valued at approximately $600 mil. The company is also the master developer of the Ballpark District in San Diego. JMI Realty was established in 1992 as the real estate investment subsidiary of JMI Services, Inc.
|
|
Return to the Archive page
|
|
|
|
|