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TEXAS/SOUTHWEST NEWS
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Karlin Real Estate Funds $96 Mil in Resort Refi Deals

2/10/15

In two separate financings, Karlin Real Estate has funded $96 mil in first mortgage debt to refinance resort properties in Arizona and Colorado. In one of the deals, Karlin provided Grand Heritage Hotel Group (GHHG) with a $46 mil senior loan secured by The Historic Stanley Hotel, a 140-key resort property in Estes Park, CO.

The Stanley Hotel
The Stanley Hotel
Built in 1909 by Freelan Oscar Stanley, co-inventor of the Stanley Steamer, The Stanley is listed on the National Register of Historic Places and is a member of Historic Hotels of America. In 2010, Grand Heritage completed a multimillion dollar renovation and restoration program that included restoration of the Concert Hall and manor house referred to as The Lodge.

In addition to refinancing the existing debt on the hotel, the five-year interest only financing features a delayed draw component which will be used by GHHG to fund the completion of a new 50k sf luxury lodging building adjacent to The Stanley Hotel under a new brand roll-out called Aspire Hotels and Resorts. The 50-key building will provide a luxury hospitality component to a proposed 15k sf, state-of-the-art wellness center being developed by Estes Park Medical Center and the University of Colorado in a unique public-private partnership. Under the partnership GHHG will provide an array of hospitality services including developing a healthy cuisine restaurant and resort amenities to compliment the cutting-edge wellness and sports medicine services being offered through the wellness center.

Grand Heritage will also use a portion of the loan proceeds to acquire Peñasco Del Sol Resort and Conference Center, a 208-key beachfront hotel located in Puerto Peñasco, Mexico. Grand Heritage had managed the property since 2010.

Karlin also provided affiliates of IMH Financial Corporation (IMH) with $50 mil in senior debt to refinance the L’Auberge de Sedona (L’Auberge) and the Orchards Inn, two adjacent hotel properties in Sedona, Arizona. The financing will be used to pay off the existing debt and fund various capital improvements.

L’ Auberge is a AAA Four Diamond luxury inn and spa. Situated on an 11-acre site, the resort property includes an award-winning restaurant, spa, salt and mineral-based pool and 18k sf of indoor and outdoor meeting space. L’ Auberge is considered to be one of the most beautiful hotels in the world, and has received countless awards and accolades from hospitality organizations and media.

The Orchards Inn is a 70-room hotel located immediately adjacent to L’Auberge. IMH plans to utilize proceeds from the loan to perform certain capital improvements at L’Auberge and Taos Cantina, a 144-seat restaurant under common IMH ownership with the Orchards Inn.





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