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US: Lender Mesa West Capital has provided an affiliate entity of Seaview Investors with $55 million in first mortgage debt to refinance the Burton House Beverly Hills.
The 186-room full-service hotel in West Los Angeles has recently been repositioned under the Tribute Portfolio Hotels & Resorts brand.
Seaview invested $13.7 million in the renovation which included a redesign of the guest rooms, the development of the Emerald Lounge, a new dining and social concept, updated entrances, revamped lobby, new fitness centre, and a 1,100-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.
“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,” said Westerberg. “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.”
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.
