JLL secures $450M refinancing for Hyatt Regency Waikiki Beach Resort & Spa
On October 25, 2021, JLL's Hotels & Hospitality Group announced a $450 million refinancing for the Hyatt Regency Waikiki Beach Resort & Spa in Honolulu, Hawaii. The loan, secured for five years with a floating rate from Deutsche Bank and Goldman Sachs, highlights the strong recovery in hotel demand post-pandemic. The resort, with 1,230 keys and multiple amenities, is strategically located near key attractions. This refinancing indicates robust lender interest, further supported by JLL's track record of over $83 billion in transactions in the hospitality sector over the past five years.
- Secured $450 million refinancing for Hyatt Regency Waikiki, demonstrating strong market confidence.
- Lender interest bolstered by the hotel's consistent pre-pandemic performance and recovery in demand.
- JLL's Hotels & Hospitality Group has executed transactions totaling over $83 billion worldwide in the last five years.
- None.
LOS ANGELES, Oct. 25, 2021 /PRNewswire/ -- JLL's Hotels & Hospitality Group announced that it has arranged a
JLL worked on behalf of the sponsor, Mirae Asset Global Investments Co., Ltd. to secure the five-year, floating-rate, interest-only loan, which was originated by Deutsche Bank AG, New York Branch and Goldman Sachs Bank USA.
The Hyatt Regency Waikiki Beach Resort & Spa features two 40-story twin towers that contain the majority of its 1,230 guestrooms and offer panoramic views of Waikiki Beach, Diamond Head and Downtown Honolulu. The resort features three dining venues, an outdoor pool, 24-hour fitness center, 20,510 square feet of meeting space, the Na Ho'ola Spa and an 11-level parking garage. The towers sit atop a three-story podium, which is home to the Pualeilani Atrium Shops. The hotel offers weekly cultural classes, including lei making, ukulele and hula lessons as well as Camp Hyatt for children.
Located on a 2.97-acre site at 2424 Kalakaua Ave., the Hyatt Regency Waikiki Beach Resort & Spa is steps away from the famed Waikiki Beach. The hotel is surrounded by a variety of upscale dining, luxury department stores and upscale boutiques situated on "Luxury Row" and is within walking distance of additional lodging demand generators, including Kapiolani Park, the Royal Hawaiian Center, Waikiki Beach Walk Entertainment Center and the Ala Moana Center. In addition, The Hyatt Regency has convenient access to the Daniel K. Inouye International Airport and Honolulu Harbor cruise terminal.
The JLL Hotels & Hospitality team representing the borrower was led by Senior Managing Director Kevin Davis and Executive Vice President Mike Huth.
"Historically, Oahu has been one of the highest RevPAR markets in the country," Huth said. "It was incredible to witness the rapid return of demand from domestic markets over the summer in response to vaccine availability and relaxed travel restrictions."
"The hotel's track record of consistent pre-pandemic performance, combined with the robust recovery that commenced earlier this year generated strong interest among lenders," Davis added. "This transaction is one of several recent SASB securitizations that illustrates a strong appetite for hospitality among bond buyers."
JLL's Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling
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About Mirae Asset Global
Founded in 1997, Mirae Asset Global Investments is the asset management arm of the Mirae Asset Financial Group, one of Asia's leading independent financial services companies. Mirae Asset Global Investments was founded in Asia and now operates worldwide across 12 markets, where it takes a collaborative approach in managing a fully diversified investment platform. Powered by a unique perspective and the expertise of more than 195 global investment professionals, Mirae Asset Global Investments adapts to its clients' evolving needs, providing them with innovative investment solutions and intelligent ways to achieve their investment objectives.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of
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Contact: Kristen Murphy, JLL Senior Manager, Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
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