MIAMI—Aruba Marriott Resort and Stellaris Casino have won the confidence of investors. CBRE Hotels arranged the $195 million mortgage for the recapitalization the assets on behalf of the owners.
“Our client's knowledge of the market and skilled stewardship of the asset, combined with the appeal of Aruba as an international leisure destination enticed a variety of capital sources,” Owens tells GlobeSt.com. “The institutional sponsorship paired with an aggressive on-the-ground asset management team, an incredible physical product, strong and consistent cash flow, and Marriott's global platform generated a surprising amount of liquidity for such a large Caribbean transaction,”
CBRE Hotels' Debt & Structured Finance's Mark Owens and team in cooperation with the firm's Caribbean lodging experts, Christian Charre and Paul Weimer, closed the transaction. Aruba's is a 414-key resort.
“The Aruba Marriott Resort and Stellaris Casino is a tremendous asset in a top Caribbean market that we are certain will continue to perform extremely well,” says Weimer, senior vice president, CBRE Hotels. “This will likely be one of the largest, if not the largest, transaction to close in the Caribbean for quite some time.”
The recapitalization facilitated the buy-out of some of the partners and consisted of a $195 million, fixed rate, interest-only loan facility. Cantor Commercial Real Estate and an undisclosed preferred equity investment provided the loan.
“This top performing asset is located on what we consider a 'blue chip' island, impervious to hurricane and political risks with one of the best airlifts in the region, including from the US and Europe,” Cherre says. “This is truly an institutional asset that has garnered investors' attention because of its remarkable performance.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
