NATIONAL REPORT—Hotel Business is tracking transactions. Holliday Fenoglio Fowler, L.P. (HFF), Newmark Knight Frank (NKF) and Jack Entertainment have made deals. Here are the details:
HFF Arranges $18M Refi for Aloft in Orlando, FL
HFF has arranged an $18 million refinancing for Aloft Orlando Downtown, a 118-room, select-service, Aloft-branded hotel in downtown Orlando, FL. HFF worked on behalf of the borrower, GDC Properties, to place the five-year, non-recourse, floating-rate loan with a national bank. Loan proceeds will be used to retire existing debt as well as reinvest in the hotel. The HFF debt placement team representing the owner was led by Managing Director Gregg Shapiro and Senior Managing Director Michael Weinberg.
NFK Arranges Refi of West Hollywood Edition Hotel and Residences
Global commercial real estate advisory firm Newmark Knight Frank has arranged a floating-rate loan for the refinancing of the West Hollywood Edition Hotel and Residences, located in West Hollywood, CA, on behalf of the partnership of Witkoff and New Valley Group. The NKF team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of debt & structured finance, along with Nick Scribani and Chris Kramer. The loan was provided by Deutsche Bank and Mirae Asset Daewoo.
Jack Entertainment Completes Sale of Greektown Casino-Hotel
Jack Entertainment has completed the sale of Greektown Casino-Hotel for $1 billion cash to Penn National Gaming and VICI Properties, an experiential real estate investment trust. Under the terms of the agreements, VICI acquired the land and real estate assets of Greektown Casino-Hotel and simultaneously entered into a favorable triple-net leased fee agreement with Penn National, who will be responsible for the operations at the property. The Rock Family of Companies remains committed to Detroit and aims to use the capital proceeds from the sale to continue investing in Detroit real estate and business development, furthering the organization’s mission to create opportunity, jobs and growth in the Motor City. Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. acted as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Greektown Holdings and certain of its affiliates in connection with the transactions described above.