$114m is bound for Beverly Hills hotel.Sonnenblick-Goldman Company, serving as exclusive financial advisor to SBE SBE - Microsoft Office Small Business Edition Hotel Group, has arranged a non-recourse $114.5 million financing for the acquisition and renovation of the Le Meridien Beverly Hills located in Los Angeles, California. SBE Hotel Group is a division of the SBE Entertainment Group, a privately held investment firm with rapidly expanding areas of interest in real estate development, hospitality, and film production headed by founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Sam Nazarian. The financing was provided by Column Financial, a wholly-owned subsidiary of Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . The 297-room Le Meridien Beverly Hills occupies an entire city block at a busy corner of South La Cienega Boulevard La Cienega Boulevard is a major north/south arterial road that runs from El Segundo Boulevard in El Segundo, California on the south to its end on the Sunset Strip/Sunset Boulevard in West Hollywood. . The hotel is ideally located along Los Angeles' famed Restaurant Row, which includes many high-profile dining and club destinations. The property boasts two unique dining establishments, including Arnie Morton's Steakhouse. Standard guestrooms at the hotel measure a generous 420 square feet and the significant suite ratio of over 18% is particularly important in this market dominated by the entertainment industry. The new ownership is exploring several exciting options to redesign the hotel including teaming with the world-renown designer, Philippe Starck. "There is a tremendous opportunity for SBE Hotel Group to reposition the asset above the premier boutique hotels in LA, to achieve aggressive NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics growth through premiums in average daily rate and superior utilization of F&B and banquet facilities," commented Daniel MacDonnell, director of Sonnenblick-Goldman's San Francisco office. "The SBE Hotel Group is acquiring the extremely well-located Hotel at a price that is significantly below the replacement cost," said Rob Stiles Stiles can refer to: People
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion