294-Key Boutique Hotel
Los Angeles, CA
HRC negotiated a $38.0 million bridge loan to refinance and complete renovations on The Mayfair, a 294-key boutique hotel just outside of Downtown Los Angeles. Since purchasing the 13-story asset in 2012, Sponsor has completed over $31.0 million of capital improvements, including remodeling all 294 rooms, completing extensive upgrades to the lobby and common areas, and adding a full-service bistro, lobby bar, library and ballroom.
Highland placed the 65% LTC, 3-year bridge loan with a foreign bank. Proceeds will be used to refinance the existing debt, along with a $5.0 million line of credit to be used to complete the hotel repositioning. Final improvements include the build out of an outdoor pool deck with bar, a coffee shop, a private patio, a fitness center, and a podcast room.