JLL’s Hotels & Hospitality Group has secured a $450 million loan for the Hyatt Regency Waikiki Beach Resort & Spa. in Honolulu, Hawaii.
JLL worked on behalf of the borrower, Seoul-based Mirae Asset Global Investments Co., Ltd., to secure the five-year, floating-rate, interest-only loan.
The loan was originated by Deutsche Bank AG, New York Branch and Goldman Sachs Bank USA.
The hotel features two 40-story twin towers that contain the majority of its 1,230 guestrooms and offer panoramic views of Waikiki Beach, Diamond Head and Downtown Honolulu.
Located on a 2.97-acre site at 2424 Kalakaua Ave., the Hyatt Regency Waikiki Beach Resort & Spa is steps away from the famed Waikiki Beach.
The JLL Hotels & Hospitality team representing the borrower was led by Senior Managing Director Kevin Davis and Executive Vice President Mike Huth.
“Historically, Oahu has been one of the highest RevPAR markets in the country,” Huth said. “It was incredible to witness the rapid return of demand from domestic markets over the summer in response to vaccine availability and relaxed travel restrictions.”
“The hotel’s track record of consistent pre-pandemic performance, combined with the robust recovery that commenced earlier this year generated strong interest among lenders,” Davis added. “This transaction is one of several recent SASB securitizations that illustrates a strong appetite for hospitality among bond buyers.”