Prudential Mortgage Capital provides $137.8 million to refinance Hawaii’s Outrigger Reef Hotel (United States)
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Prudential Mortgage Capital provides $137.8 million to refinance Hawaii’s Outrigger Reef Hotel (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
vRenovation / Addition
This is a press release selected by our editorial committee and published online for free on 2011-08-17
Prudential Mortgage Capital Company has closed a $137.8 million loan for Outrigger Hotels & Resorts on behalf of Prudential’s general account. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
The seven-year, fixed-rate loan is secured by the newly renovated, 639-room hotel located on the shores of Waikiki in Honolulu, Hawaii. The hotel recently completed an extensive $113 million renovation and repositioning that included essentially rebuilding all of the hotel’s guestrooms, retail space, public areas and poolside grille.
Prudential’s San Francisco-based team arranged the financing, led by Frederick van Overbeek, a principal, and Elizabeth Velazquez, director of originations.
“The hotel industry is in the midst of a recovery following a severe downturn, and Hawaii has enjoyed that recovery,” van Overbeek said. “This financing fits our strategy of investing in highly competitive and well-located hotels with superior sponsorship. The property has potential for strong growth, particularly given the operational expertise Outrigger brings to this transaction with more than 60 years of hotel industry experience. We are excited to continue this important borrower relationship.”
Outrigger Enterprises Group is one of the largest and fastest growing privately-held leisure lodging and hospitality companies in the Asia-Pacific and Oceania regions and continues to expand its presence throughout the area. A family-owned company with more than 60 years of hospitality experience, Outrigger runs a highly-successful, multi-branded line of hotels, condominiums and vacation resort properties, including Outrigger® Hotels & Resorts, OHANA® Hotels & Resorts, Outrigger Condominium Collection®, Embassy Suites®, Best Western®, Courtyard® by Marriott, and Wyndham Vacation Ownership®.
Currently, Outrigger operates and/or has under development 44 properties with close to 11,000 rooms located in Hawaii; Australia; Guam; Fiji; Bali; Phuket, Thailand; Koh Samui, Thailand; Vietnam; and China. Outrigger Enterprises Group also operates and develops hotel properties and hospitality-related retail and real estate opportunities for partners in Hawaii, the Pacific, the mainland USA and Asia.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $68 billion in assets under management and administration as of June 30, 2011. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $66.3 billion, as of June 30, 2011.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $883 billion of assets under management as of June 30, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.
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