RobertDouglas Advises Chartres Lodging Group And Artemis Real Estate Partners On The $20.5 Million Financing For The Acquisition Of The Courtyard Long Beach Airport In Long Beach, Ca
RobertDouglas announced today that it advised Chartres Lodging Group and Artemis Real Estate Partners on the $20.5 million financing for the acquisition of the Courtyard Long Beach Airport in Long Beach, CA.
The Courtyard Long Beach Airport is a recently-built premium focused-service hotel that features 159 spacious guestrooms; Courtyard by Marriott’s signature food and beverage outlet, The Bistro; approximately 2,000 square feet of meeting space; a heated outdoor swimming pool and whirlpool spa; and a well-equipped fitness center. The Property is ideally situated within the 261-acre Douglas Park mixed-use development that features a rapidly expanding tenant base including Mercedes-Benz, Virgin Galactic, The Kong Company, Food Pharma, and Turbo Air.
“As a newly-built hotel that has rapidly ramped up performance to deliver attractive in-place underwritten loan metrics, this acquisition financing opportunity drew strong interest from a wide range of lenders and enabled us to create a competitive marketing process,” said Steve Chung, Associate at RobertDouglas. “The highly qualified property management team from Kokua Hospitality, the institutional asset management team that comprise the Sponsorship, and the relatively conservative leverage level requested ultimately got lenders very comfortable with this deal and resulted in more favorable terms and flexible covenants for the financing,” said Stephen O’Connor, Principal & Managing Director at RobertDouglas.
About Chartres Lodging Group
The Chartres Lodging Group (“CLG”) is an advisory and investment firm focused on property management, asset management, renovation and development of lodging assets. CLG’s principles have been responsible for over $9 billion of lodging investments and have asset managed over 250 upscale and luxury hotels, resorts and conference centers. Between 2008 and 2014, CLG has owned and asset managed a portfolio of approximate 18,000 rooms in the upper-upscale and luxury segments in the United States and Japan.
About Artemis Real Estate Partners
Artemis Real Estate Partners is a majority-women owned real estate investment management firm founded in 2009 and headquartered in the Washington D.C. metropolitan area. Artemis invests with best-in-class local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised nearly $2 billion of investor capital across two commingled value-add/opportunistic fund vehicles, an enhanced core emerging manager separate account with The New York State Common Retirement Fund, and a co-investment platform with New York City Retirement Systems. Artemis’s sole focus is U.S. commercial real estate.
About Kokua Hospitality Lodging Group
Kokua Hospitality is a wholly-owned property management subsidiary of CLG with a proven track record of successfully managing both full and select service hotel properties. Kokua manages an existing portfolio of 7 hotels and approximately 2,500 rooms, with experience managing 17 hotels of 6,500 rooms in the United States and Japan.
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry’s pre-eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact firstname.lastname@example.org or go to www.robert-douglas.com.