Assignment Overview
RobertDouglas advised Waterton in securing a $30-million, non-recourse senior mortgage for the acquisition and renovation of the Sierra Nevada Resort and Spa in Mammoth Lakes, California. The floating-rate financing was provided by a leading alternative credit manager focused on high-quality, floating-rate debt.
Property Background
The Sierra Nevada Resort & Spa is an iconic property built in 1967 by Jerry Buss, a major real estate developer and former owner of the Los Angeles Lakers. The historical Property sits on 6.1-acres in downtown Mammoth Lakes, CA and features 149 spacious guestrooms. The Sierra Nevada Resort will undergo a transformational renovation including the addition of 30 new keys to the Property. The Resort will be repositioned as a boutique, outdoor lifestyle hotel with 179-keys following the renovation.
Deal Highlights
Client: |
| Waterton |
