Corona Del Mar, Calif.-based Seaview Investors secured a $55 million loan to refinance the 186-key Burton House Beverly Hills in California. Los Angeles-based Mesa West Capital originated the five-year, nonrecourse financing.
Seaview, which has been an investment partner in the hotel since 2003, recently completed a $13.7 million renovation as part of a repositioning under the Tribute Portfolio Hotels & Resorts brand. Improvements included the redesign of the guestrooms, the development of the Emerald Lounge, a new dining and social concept, updated entrances, revamped lobby, new fitness center and a 1,100-square-foot yoga and Pilates studio.
The refinancing provides the sponsor, a privately-held hotel investment firm based in Newport Beach, Calif., time to continue driving operating performance under the new brand and to compete with other luxury hotels in the Beverly Hills market, according to Joshua Westerberg, who heads Mesa West’s West Coast origination team out of the private lender’s San Francisco office.
“The Burton House is already establishing itself within the market as it leverages the upgraded offerings and guest experience, the Marriott brand and its prime location,” Westerberg said in a statement. “This is evidenced by significant increases in both net operating income and occupancy since renovations were completed. We see even further upside as Seaview continues to season the asset.”
Eastdil Secured arranged the financing.