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Case Study

Acquisition and Renovation Financing of Loews Hollywood Hotel

​Jones Lang LaSalle's Hotels & Hospitality Group was engaged by Loews Hotels & Resorts to secure debt financing to facilitate the acquisition, renovation, and repositioning of the former Renaissance Hollywood in Los Angeles, California.
 
The sponsor requested loan proceeds of at least $100.0 million and was open to limited or partial recourse. 
 
The 632-key hotel, which opened in 2001, is the cornerstone of the upscale retail and entertainment oriented Hollywood & Highland complex which encompasses 387,000 square-feet, over 80 shops, 26 restaurants and eateries, three nightclubs, and the Kodak Theatre, home to the Academy Awards presentation.
 
The sponsor plans to invest approximately $27.0 million to renovate and reposition the hotel as a member of the Loews Hotels & Resorts luxury brand and capitalize on the growth of the Hollywood market.
 
After receiving nine competitive bids from a wide-variety of banks and lenders, Jones Lang LaSalle and Loews Hotels & Resorts selected a $105.0 million floating-rate financing package from a single foreign investment bank. The loan was funded in June 2012, simultaneously with the sponsor's acquisition of the hotel.
 
For more information please contact Mathew Comfort, 001 212 812 5871.

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