Ensemble Renovates Hotel With $25M Loan

IRVINE, CA-Ensemble Investments LLC has landed a $25-million, three-year, adjustable-rate, non-recourse loan that combines construction funding with permanent financing for a renovation and repositioning of the 195-room Coast Hotel, according to the locally based Orange County office of Holliday Fenoglio Fowler. The property is a boutique waterfront hotel in Long Beach that will include a new interior/exterior package in all guest rooms, enhanced site amenities and landscaping and an expanded executive meeting center.

HFF managing director Mike White in the company’s Irvine office, who arranged the financing for Ensemble through Merrill Lynch Mortgage Capital, says that the property’s renovation and repositioning program is scheduled to be completed in December. White notes that the repositioning will entail changing the hotel’s name, completely renovating public areas and guest rooms, adding four guest rooms and adding 3,215 sf of meeting space. The borrower has hired Joie De Vivre, a boutique hotel operator based in San Francisco, as the new hotel management company.