RobertDouglas Advises Rockpoint Group, Blacksand Capital, And Evolution Hospitality On A $50 Million Redevelopment Financing For The Ohana Waikiki West
RobertDouglas announced today that it advised Rockpoint Group, BlackSand Capital, and Evolution Hospitality on a redevelopment financing for the Ohana Waikiki West in Waikiki, HI. The $50 million construction financing was provided by Wells Fargo Bank.
The Ohana Waikiki West will undergo a substantial redevelopment process to reopen in the summer of 2016 as a 621-key Hilton Garden Inn. Upon completion, the Hilton Garden Inn is poised to quickly establish itself as an upscale, premium select-service hotel offering with newly transformed guestrooms; upgraded lobby and public spaces with high ceilings; new food and beverage outlets; and a refreshed swimming pool deck and bar. Situated in the heart of Waikiki, the Property is located directly across Kuhio Avenue from Taubman’s International Market Place, a 360,000-square-foot retail esplanade that is undergoing a massive $120 million redevelopment.
“Bringing the Hilton Garden Inn brand to the Hawaiian Islands for the first time will undoubtedly result in success – best-in-class branding and product combined with the property’s central Waikiki location. The quality and design of the newly renovated product will also stand out among competitive hotels,” said Chris Ropko, Senior Director at RobertDouglas. “The institutional quality Sponsorship and thoughtful redevelopment and repositioning plan combined with an attractive leverage point for this financing opportunity drew substantial interest from lenders in a highly competitive process,” added Rob Stiles, Principal & Managing Director at RobertDouglas.
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 email@example.com or go to www.robert-douglas.com.
About Rockpoint Group
Rockpoint Group, L.L.C. is a real estate private equity firm headquartered in Boston, with additional primary offices in Dallas and San Francisco. Rockpoint is led by Bill Walton and Keith Gelb, who are co-founders and Managing Members of Rockpoint and have been working and investing together for more than 20 years. Rockpoint’s additional Managing Members, who have been working together for almost 16 years, include Tom Gilbane and Aric Shalev. Since 1994, Rockpoint’s Founding Managing Members with others have sponsored eleven commingled funds and seven co-investment vehicles, raising approximately $14 billion in capital commitments and investing approximately $11 billion of equity in over 350 transactions with a total capitalization of approximately $45 billion. Rockpoint employs a fundamental value approach to investing in both its opportunistic and lower-risk strategies and focuses on select product types and geographic regions, with a primary emphasis on opportunities in major coastal markets in the United States.