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$82M Post-Renovation Financing for Sheraton Keauhou Bay

KONA, HI-The Libor-based, floating-rate, first-mortgage financing will be part of a larger, pooled securitization later this year. The hotel was redeveloped at a cost of more than $70 million.

By Brian K. Miller | Updated on September 12, 2005

KONA, HI-The owner of the newly renovated Sheraton Keauhou Bay Resort & Spa here has landed $82 million in permanent financing. The Libor-based, floating-rate, first-mortgage financing, which was funded by Lehman Brothers, will be part of a larger, pooled securitization later this year.

The Sheraton Keauhou Bay Resort is a 521-room luxury resort situated on the lava flows of Keauhou Bay overlooking the Pacific Ocean. Originally known as the Kona Surf Hotel, the resort celebrated its grand opening in April 2005 as the Sheraton Keauhou Bay.

Re-developed at a cost of about $70 million, the property offers over-sized guest rooms, each with a lanai, meeting facilities, a full-service spa and direct access to two championship golf courses.

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