hospitality

The firm’s $223m anchor loan to revitalize the former Cal Neva Hotel in Lake Tahoe, Nevada, signals an effort to return the storied property from road bumps to another heyday.

Walker & Dunlop arranged the financing on behalf of the sponsor, TMGOC Ventures.

The partners plan to deploy over the next three years across the New York Tri-State area with a focus on residential and hospitality opportunities.

Realberry, Kor Real Estate Partners and Proper Hospitality will use the funding and a $75m Banc of California senior loan to redevelop the Cal Neva Hotel.

The funding will help recapitalize and fuel development of the 289-key Hilton Miami Beach Convention Center Hotel ahead of its May opening.

The portfolio consists of 15 Graduate by Hilton properties in markets including Michigan and Virginia.

Tidal Real Estate Partners will use the financing for the development of The Nashville EDITION, a hotel and residential development.

The loan will also be used to renovate and rebrand the property amid a global hotel brand’s relaunch. 

A lack of reinvestment is exposing weaknesses in hotel portfolios, tightening the screws on financing options.

The category record financing will be paired with a $230m loan from Sculptor to fund Two Roads’ development of the Pendry Hotel & Residences in the Florida city.