Nationwide Hotel Portfolio CA

  • Acquisition of a non-performing senior loan collateralized by 3 Hotels totaling 891 keys.
  • In 2Q 2011 acquired a $30 million Junior Participation and a $40 million Mezzanine Loan secured by 3 hotels in Orlando, San Diego, and San Francisco (891 total keys).
  • The loans were in maturity default as of April 2011. Since acquisition, the JV acquired the leasehold interests of the hotels.
  • In December 2013 one of the hotels, the Radisson Fisherman’s Wharf, was sold to Pebblebrook Hotel Trust for $132mm. The sale allowed the partnership to repatriate all invested equity while still maintaining ownership of the remaining two properties.