(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
SAN FRANCISCO-Affiliates Dune Real Estate Partners LP and DiNapoli Capital Partners, LLC have been granted a $130-million first mortgage loan for the refinancing of Hyatt Regency San Francisco, a financial-district hotel that is “outperforming the market in both rate and occupancy,” according to Mesa West Capital principal Ronnie Gul, who originated the financing.
The Hyatt Regency features 67,000 square feet of function space, 17,000 square feet of exhibit space, 35 meeting rooms, a new 24-hour fitness center and the Eclipse Restaurant and Lounge.
Mesa West could not be reached by for comment, but a source close to the company tells GlobeSt.com the deal was a short-term floating rate loan.
Dune and DiNapoli purchased the 19-story hotel as a partnership in 2007 and made significant capital improvements, including a new Regency Club on the top floor and a complete renovation of the Regency Club rooms on the top two guest floors. The Regency Club overlooks San Francisco Bay, the Ferry Building and the Embarcadero.
San Francisco is considered among the highest-performing hospitality markets in the US, with a market occupancy in excess of 80%, according to Mesa West. The hotel also benefits from “Strong sponsorship, an excellent location, no new supply, a strong office market and robust convention and leisure demand,” the company says.
Active in commercial refinancing in the West, just last month, Mesa West acquired a $30-million first-mortgage loan for two class-A office buildings in San Jose.
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