Acquisitions & Hotel Openings

Thorofare Capital Funds $11.25M Loan for Acquisition of Historic Hotel in Los Angeles' Westwood Village

LOS ANGELES, CA. April 27, 2017 - Thorofare Capital has provided West Hollywood, CA-based Shamina Investments with a $11.25 million floating-rate whole loan for its acquisition and renovation of the 53-room Claremont Hotel Westwood in Los Angeles’ upscale Westwood neighborhood.

The Claremont is located at 1044 Tiverton Avenue in Westwood Village, an historic commercial, entertainment and shopping district adjacent to UCLA in West Los Angeles. The seller, a local family, has owned the property since they built it in 1939. It was the first and currently remains the oldest hotel in Westwood.

A portion of the loan proceeds will go towards an extensive renovation that will include upgrades to all guest rooms, common areas, lobby and exterior. When renovations are completed, Shamina Investments will re-open the hotel in February 2018 as the Palihotel Westwood under the Paligroup hotel flag. Paligroup currently manages and operates four daily and extended stay boutique properties in the Los Angeles area.

The five-year, non-recourse loan was priced at a competitive spread over the 30-day LIBOR and includes structure for reserves to cover renovation costs, debt service and operating deficits prior to stabilization, according to Thorofare Capital Principal Felix Gutnikov who originated the financing.

Paligroup is a fully integrated branded real estate development and hospitality operating company that acquires, programs, develops, owns, and operates unique hotels and residences. Its proprietary brands, development and operational expertise also includes specialized retail spaces, highly curated restaurants, bars and event venues.

The loan was arranged by the New York City office of Mission Capital Advisors LLC.

About Thorofare Capital

Thorofare Capital, Inc. (www.thorofarecapital.com) focuses on originating senior mortgage debt solutions to borrowers seeking to opportunistically purchase or recapitalize middle market commercial real estate assets throughout the United States. Through Thorofare’s two types of lending programs – Fixed Rate Bridge Loans and Floating Rate Whole Loans – it directly originates secured first mortgage positions from $3,000,000 to $40,000,000 on commercial cash-flowing assets across the country. Thorofare, LLC is an SEC-registered alternative investment manager that specializes in managing the Fixed Rate Bridge Loans with its private fund vehicles. Thorofare has originated more than $1 billion of assets in its series of private fund vehicles and institutional accounts. Thorofare’s investors include family offices, foundations, wealth managers, institutional accounts and high net worth individuals.

Contact:
Bruce Beck
bruce@dbrpr.com
(805) 777-7971

Coming Up In The August Online Hotel Business Review




{300x250.media}
Feature Focus
Food & Beverage: Multiplicity and Diversity are Key
The challenge for hotel food and beverage operations is to serve the personal tastes and needs of an increasingly diverse population and, at the same time, to keep up with ever-evolving industry trends. In order to accomplish this, restaurateurs and hoteliers have to flex their creative muscles and pull out all the stops to satisfy their various audiences. One way to achieve this is to utilize existing food spaces in multiple ways at different times of the day. Lunch can be casual and fast, while dinnertime can be more formal and slower paced. The same restaurant can offer counter service by day but provide table service by night, with a completely different menu and atmosphere. Changes in music, lighting, uniforms and tabletop design contribute to its transformation. This multi- purpose approach seeks to meet the dining needs of guests as they change throughout the day. Today’s restaurants also have to go to great lengths to fulfill all the diverse dietary preferences of their guests. The popularity of plant-based, paleo, vegan, and gluten and allergen-free diets means that traditional menus must evolve from protein-heavy, carb-loaded offerings to those featuring more vegetables and legumes. Chefs are doing creative things with vegetables, such as experimenting with global cuisines or incorporating new vegetable hybrids into their dishes. Another trend is an emphasis on bold and creative flavors. From chili oil to sriracha to spicy maple syrup, entrees, desserts and beverages are all being enhanced with spice and heat. The August issue of the Hotel Business Review will document the trends and challenges in the food and beverage sector, and report on what some leading hotels are doing to enhance this area of their business.