SAN FRANCISCO—Listed on the National Register of Historic Places, the 606-key Fairmont first opened in 1907 and is known for hosting every US president since William Howard Taft. Refinancing of $150 million was recently arranged for the historic hotel.
On behalf of the borrower, an affiliate of Mirae Asset Global Investments, JLL hotels and hospitality secured a five-year non-recourse loan through United Overseas Bank.
"This transaction is one of several recent closings that illustrates the increased availability of debt for high-quality hotels with strong sponsorship and good pre-COVID performance," said Kevin Davis, a senior managing director in JLL's hotels and hospitality group, and head of the hotel investment banking team.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
