Gencom's Karim Alibhai Secures $335 Million Loan For Fairmont Southampton Development In Bermuda
101 South Shore Road
$355,000,000
$3,550,000/SF
Building Size
100 SF
Asset Type
Hotel
Closing
Sep 10, 2024
About this deal
AI
The transaction involved the redevelopment of the Fairmont Southampton Bermuda, a hotel asset located at 101 South Shore Road, Southampton, SH SN02 in the market of Southampton, Bermuda. The property spans over 100 acres and includes 593 keys.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $335,000,000
- Lender: Barry Sternlicht - Starwood Capital, Clarien Bank & Goldentree Asset Management
- Landlord: Gencom - Karim Alibhai
- Capital Advisor: Faisal Ashraf - Lotus Capital Partners
- Loan Type: Development Financing
- Loan Terms: Multi-tranche development financing package structured to support the redevelopment project.
Key individuals involved in the transaction include Faisal Ashraf, who represented Lotus Capital Partners as the capital advisor, and Karim Alibhai, representing Gencom as the landlord. The financing was arranged for the redevelopment project aimed at enhancing the iconic hotel, situated on a prominent hilltop site with views of Horseshoe Bay.
On the Map
$355,000,000
$3,550,000/SF
Hotel
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Players
Blanchard Twp Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93