US: Lender Mesa West Capital, an affiliate entity of Seaview Investors, has provided $55,000,000 in first mortgage debt for the Burton House Beverly Hills.
Recently, the 186-room hotel in West Los Angeles was repositioned as part of the Tribute Portfolio Hotels & Resorts brand.
Seaview invested $13.7 Million in the renovation. This included a redesign of guest rooms, development of Emerald Lounge, new dining and social concepts, updated entrances and lobby, a revamped fitness centre and a 1100 square-foot Yoga and Pilates Studio.
According to Joshua Westerberg, who heads the west coast origination team for Mesa West Capital, the refinancing will provide the sponsor – a privately held hotel investment firm based in Newport Beach – time to continue to drive performance under the new brand.
Westerberg stated that the Burton House was already making a name for itself on the market. It is leveraging its upgraded amenities and enhanced guest experience as well as the Marriott Brand and its premier location. “This can be seen by the dramatic increases in both occupancy and net operating income since renovations. Seaview will continue to season this asset, which we believe will bring even more upside.
Highlights:
• Seaview has secured $55 million from Mesa West Capital to refinance the renovated Burton House Beverly Hills.
• The 186-room hotel is now part of Marriott’s Tribute Portfolio.
• $13.7 million has recently been invested in upgrades, including guest rooms, a new lounge, and wellness facilities.
• The refinancing supports continued growth in performance and occupancy.
