Mission Capital Advisors Arranges $15M in Financing for Palihouse Hotel
Friday May 9th, 2014 - 10:00AM S
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WEST HOLLYWOOD, CA—Mission Capital Advisors’ Debt & Equity Finance Group arranged $15 million in first mortgage financing for the Palihouse West Hollywood, a 37-key, boutique, long-stay hotel here.
Secured on behalf of owner Beverly Pacific, LLC, the loan equates to $405,000 per key for the hotel, which has recently implemented a general update of the property, including a refresh of its rooms, lobby, common areas and restaurant. Ownership also intends to install a rooftop bar and lounge.
The Mission Capital team that secured the financing from a large domestic commercial bank was led by Managing Director Jordan Ray, Associate Director Steven Buchwald and Director Gregg Applefield.
Tags: Mission Capital Advisors • Palihouse Hotel • Beverly Pacific LLC • West Hollywood • Hospitality • Sources of Funding •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.