Goldman Sachs Morgan Stanley Barclays Wells Fargo Provide $970M Loan For Hotel Del Coronado

The asset involved in this transaction is the Hotel Del Coronado, located at 1500 Orange Avenue in Coronado. This hotel features a total of 938 keys and has recently undergone significant renovations costing $569 million. The property was appraised at $1.7 billion, and a lender group is providing a loan to refinance existing debt.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $970,000,000
• Lender: Goldman Sachs, Morgan Stanley, Barclays Bank & Wells Fargo
• Landlord: Stephen A. Schwarzman - Blackstone
• Loan Terms: Two-year term with potential extensions of up to three additional one-year terms
• Market: Coronado

The transaction involves a lender group issuing a $970 million CMBS loan, allowing Blackstone to refinance their existing $950 million debt at a lower spread. This move comes amidst reported NOI pressure due to rooms being offline during construction, highlighting the financial dynamics at play in this deal.