hospitality

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.

The seven-hotel portfolio is in Southern California and totals 601 rooms.

The Nuveen affiliate has expanded its stateside and international investor base as the financing niche finds steadier mainstream usage.

The borrower, New York-based hotel specialist Cipriani, will use the facility to grow its luxury hotel development platform. 

The capital will be paired with a $41.1m senior loan from Hall Structured Finance to develop Uphoff Ventures’ 208-room Dellshire Resort.

Terra and Turnberry will use the funding to advance work on the Grand Hyatt Miami Beach adjacent to the city’s convention center.

The funding will be used by BLDG and Metrovest for a Class A resort on Long Island.

SomeraRoad and Trestle Studio will use the funding to develop a 30-story combined hotel and condominium asset.