Credit Suisse Leads $505M Financing for Pendry West Hollywood – Commercial Observer


There has been little major hospitality funding since the pandemic began, but a brand new property surrounded by the bright lights of Hollywood only attracted half a billion dollars.

AECOM Capital and Combined properties have landed $ 505 million in funding for that Pendry West Hollywood, a roughly 300,000 square foot housing estate that spans an entire city block along the famous Sunset Strip in West Hollywood. The development made its debut on April 2nd.

Swiss credit The deal provided a senior loan of $ 350 million while two undisclosed private equity funds provided mezzanine debt of $ 165 million. The debts were negotiated by Eastdil securedSources said.

The financing that withdraws a $ 205 million home loan for the property from Bank OZK, closed on April 16.

The eagerly awaited new development takes the place of the former House of Blues at the 8430 Sunset Boulevard, bang in the heart of the Sunset Strip. It includes the Pendry West Hollywood Hotel with 149 keys and 40 residential units Pendry Residences West Hollywood by Montage Hotels & Resorts, a music club and seven Wolfgang Puck-led restaurants.

Both guests and owners of the residence have exclusive access to the hotel's amenities including a private members club, rooftop pool and bar, multi-purpose live entertainment venue, screening room, bowling Spa Pendry and a state-of-the-art fitness center, as well as a curated art collection.

The hotel component is adjacent to Sunset Boulevard. Each room offers breathtaking views over LA and the Hollywood Hills, while the 40 residences - designed by Honest Yanai Rhee Chaney Architect - Cascade down towards Fountain Avenue. Each residence has a private elevator access and large, expansive terraces with an area of ​​up to 400 square meters.

The development also offers A large LED billboard on the facade overlooking Sunset Boulevard with high-end advertisements from companies such as: Apple and Hulu 24 hours a day.

Belongs Assembly hotels and resortsPendry West Hollywood is the third location for the luxury hotel brand Pendry Boutique. The other two are in San Diego and Baltimore.

Sources close to the transaction said the funding option was highly sought after despite the size of the transaction and the property's lack of operational history. Interested lenders saw the true long-term value that the project sponsors had created.

Credit Suisse representatives declined to comment. AECOM officials were not immediately available for comments late Friday.


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https://businessservicesnews.ca/credit-suisse-leads-505m-financing-for-pendry-west-hollywood-commercial-observer/

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