Bank of America Provides $125M Loan to Refinance Anaheim Marriott Hotel
Bank of America has provided a substantial $125 million loan to refinance the Anaheim Marriott Hotel in California. Learn more about this significant financial transaction and its impact on the hospitality industry.
Bank of America has provided a substantial $125 million loan to refinance the Anaheim Marriott Hotel in Anaheim, California. The loan, backed by commercial mortgage-backed securities (CMBS), was secured by Tushar Patel's Tarsadia Investments. This new financing replaces the previous $110 million CMBS debt provided by J.P. Morgan Chase Bank in 2014.
Tarsadia Investments, based in Newport Beach, California, acquired the 1,030-room Anaheim Marriott Hotel for $80 million back in 1999. The hotel boasts an impressive average occupancy rate of 78 percent, with Marriott holding a long-term lease on the property.
While Tushar Patel's deal with Bank of America is significant, he is not the only hotelier making waves in Southern California. Jason Illoulian's Faring Capital recently secured a $35 million loan from Centennial Bank for the development of Robertson Lane, a luxury hotel with 123 rooms and a seven-story office building in West Hollywood.
It is clear that the hospitality industry in Southern California is experiencing a surge in activity, with major players like Tushar Patel and Jason Illoulian securing substantial financing for their respective projects. The influx of capital into the region's hotel sector bodes well for future growth and development in the area.
Bank of America's $125 million loan to refinance the Anaheim Marriott Hotel underscores the continued strength and attractiveness of the hospitality market in Southern California. With significant investments being made in the region, the future looks bright for hoteliers and developers alike.
Bank of America Provides $125M Loan to Refinance Anaheim Marriott Hotel
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