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8/25/15
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Lowe Enterprises Investors (“LEI”), acting on behalf of an investment client, has made a $13.99 mil loan to Ocean Park Hotels-BLT LLC to fund the construction of a Hampton Inn and Suites in the SoCal town of Buellton.
The three-story property, located at 600 McMurray Rd, will include 99 units with a mix of standard guestrooms and suites. The developer plans to break ground within the next few weeks with completion expected in summer of 2016.
“The lodging market in Buellton and the surrounding area has experienced strong growth over the past decade, in part due to the increasing popularity of the local wine region as well as the nearby Danish-themed community of Solvang,” said Bleecker P. Seaman, co-CEO of LEI. “The Chumash Casino Resort also attracts visitors to the area and is in the process of a major expansion.”
The property is located near the intersection of US-101 and the SR-246, offering easy access to the region’s wine trails and the town of Solvang, with Santa Barbara located just 35 miles to the southeast. The hotel will offer larger than average guest rooms with mini refrigerators, work desks, coffee makers and flat screen TVs. Guest suites will account for 30 percent of the rooms. In addition to the customary Hampton Inn amenities such as pool, complimentary hot breakfast, fitness center and free wireless internet access, the hotel will also offer extensive outdoor event and gathering places with a large covered terrace, firepits, a bocce ball court and lounge areas throughout the 3.2 acre property.
Cara Leonard, senior vice president of Lowe Enterprises Investors, led the transaction for LEI. Steve Bram of George Smith Partners represented the borrower. On behalf of its clients, LEI has placed $161.5 mil of senior and mezzanine loans secured by hospitality properties over the past 2 ˝ years.
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