ROBERTDOUGLAS ADVISES KHP FUND I, L.P. ON THE $44 MILLION REFINANCING OF THE NINE ZERO HOTEL, A KIMPTON HOTEL, IN BOSTON, MASSACHUSETTS
RobertDouglas announced today that it advised KHP Fund I, L.P., a Kimpton sponsored hotel real estate fund, in the $44 million refinancing of the Nine Zero Hotel, a Kimpton Hotel, in Boston, Massachusetts. The 5-year, floating-rate financing was provided by Mesa West Capital.
Nine Zero Hotel is ideally located in the heart of downtown Boston and is adjacent to Boston Common and within walking distance of 34 million square-feet of office space in the Financial District as well as major tourist attractions including Faneuil Hall, Quincy Market, Back Bay, Chinatown, the North End and the Boston Waterfront. The hotel features 190 well-appointed guestrooms, over 2,400 square feet of meeting space, and a newly-renovated food and beverage concept, Highball Lounge.
Evan Hurd, Director at RobertDouglas, noted, “The hotel’s excellent Sponsorship combined with Boston’s reputation as one of the nation’s premier lodging markets resulted in a substantial amount of interest from lenders. We assembled a number of very strong proposals from a group that encompassed conduits, insurance companies, debt funds, and national banks, providing Ownership with a wide range of financing structures.”
“The current Sponsorship was extremely focused on maintaining flexibility in terms of hold period, so we were very careful in structuring financing to meet their needs,” remarked Chris Ropko, Director at RobertDouglas. “The lender universe proved very competitive for this trophy asset; ultimately, one lender offered the most efficient and flexible financing proposal that best met our client’s overall objectives.”
ABOUT 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 info@robert-douglas.com or go to www.robert-douglas.com.
ABOUT KIMPTON HOTELS & RESTAURANTS
San Francisco-based Kimpton Hotels & Restaurants is the leading collection of boutique hotels and restaurants in the United States and the acknowledged industry pioneer that first introduced the boutique hotel concept to America. In 1981, Bill Kimpton founded the company that today is renowned for making travelers feel genuinely cared for while away from home through thoughtful perks and amenities, distinctive design that tells a story and inspires a sense of fun at each hotel and a sincerely personal style of guest service. Out to help people live full, balanced lives, Kimpton aims to inspire with touches like yoga mats in every room, complimentary coffee and tea to start the day, hosted evening Wine Hour, in-room fitness programming and complimentary bike rentals. The award-winning restaurants and bars are led by talented chefs and bartenders that offer guests a chance to dine like a local. Kimpton also leads the hospitality industry in eco-friendly practices that span all hotels and restaurants, and is consistently ranked as one of the top companies in the Market Metrix Hospitality Index, Upper Upscale Segment, for Customer Satisfaction. The company is highly-regarded for its innovative employee culture and benefits and has been named a Fortune magazine “Best Place to Work” five times since 2009. Kimpton is continuously growing and currently operates 60 hotels and nearly 70 restaurants, bars and lounges in 26 cities. For more information, visit www.KimptonHotels.com and www.KimptonRestaurants.com.