(Mark Your Calendars: RealShare HOTELS 2011, September 15 in New York City).
HONOLULU-Prudential Mortgage Capital Co. has closed a $137.8-million loan for Outrigger Hotels & Resorts on behalf of Prudential’s general account. The seven-year, fixed-rate loan is secured by the newly renovated, 639-room hotel located on the shores of Waikiki here.
The hotel recently completed an extensive $113-million renovation and repositioning that included rebuilding all of the hotel’s guestrooms, retail space, public areas and poolside grille.
Prudential’s San Francisco-based team arranged the financing, led by Frederick van Overbeek, a principal, and Elizabeth Velazquez, director of originations. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc.
“The hotel industry is in the midst of a recovery following a severe downturn, and Hawaii has enjoyed that recovery,” van Overbeek says. “This financing fits our strategy of investing in highly competitive and well-located hotels with superior sponsorship.”
Overbeek says that the property has potential for strong growth, “particularly given the operational expertise Outrigger brings to this transaction with more than 60 years of hotel industry experience. We are excited to continue this important borrower relationship.”
Outrigger Enterprises Group is one of the largest and fastest growing privately-held leisure lodging and hospitality companies in the Asia-Pacific and Oceania regions and continues to expand its presence throughout the area, according to a prepared release. A family-owned company with more than 60 years of hospitality experience, Outrigger runs a multi-branded line of hotels, condominiums and vacation resort properties, including Outrigger Hotels & Resorts, OHANA Hotels & Resorts, Outrigger Condominium Collection, Embassy Suites, Best Western, Courtyard by Marriott, and Wyndham Vacation Ownership.
Currently, Outrigger operates and/or has under development 44 properties with close to 11,000 rooms located in Hawaii; Australia; Guam; Fiji; Bali; Phuket, Thailand; Koh Samui, Thailand; Vietnam; and China. Outrigger Enterprises Group also operates and develops hotel properties and hospitality-related retail and real estate opportunities for partners in Hawaii, the Pacific, the mainland USA and Asia.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
