Assignment Overview
RobertDouglas advised the Sydell Group in the $17.5 million financing of the Saguaro Scottsdale. Proceeds of the financing provided by an institutional debt fund will be used to retire an existing loan and to fund a guestroom renovation of the hotel. The Sydell Group’s track record as leading operators of lifestyle boutique hotels with a strong distribution network of sales and marketing teams in major markets across the country provided comfort to lenders evaluating the business plan for this asset.
Project Overview
The 194-key Saguaro Scottsdale encompasses over six acres and is located in the vibrant heart of Scottsdale, immediately adjacent to the Scottsdale Civic Center Mall, Old Town Scottsdale, and Scottsdale Stadium. The sponsorship’s business plan to further strengthen the hotel’s market position includes a takeover of management by the Sydell Group, a renovation of the hotel’s guestrooms and corridors, and a reprogramming and repositioning of the food and beverage outlets that will result in an increase in the amount of dedicated function space for meetings and large group events.
Deal Highlights
| Client (Borrower): Lender: Financing Proceeds: Key Count: | Sydell Scottsdale LLC Institutional Debt Fund $17,500,000 194 |
