Oxford Capital Group has recapitalized its construction debt and equity at its newest California-based hotel property, The Godfrey Hotel Hollywood, including senior debt from Alliance Bernstein and preferred equity from Related Fund Management.
The Godfrey Hotel Hollywood, which opened in August 2021, is Oxford’s tenth California property and its twelfth in the western region.
“We are excited not only to see continued institutional interest in our growing portfolio of lifestyle brands and assets nationwide, but also to have recapitalized our construction capital stack with two world class firms shortly after successfully developing and opening the property,” said Sarang Peruri, COO of Oxford Capital Group and partner of Oxford Hotels & Resorts, in a statement.
On the heels of its first full year in Los Angeles, The Godfrey Hotel Hollywood will continue to be sponsored by Oxford Capital Group and and managed by Oxford Hotels & Resorts. The 220-room lifestyle hotel has the SoCal-centric restaurant and bar ALK; a courtyard event space with seven adjacent hospitality suites; and the 12,000-square-foot I|O rooftop, one of Hollywood’s largest rooftop spaces, which has a 70-foot projection mapping video wall, two bars, swimming pool, fire pits and water feature.
“Despite a challenging capital markets environment, the operational expertise of Oxford Capital Group combined with the asset quality of The Godfrey Hotel created a competitive landscape for the senior debt," said Michael Straw from Hodges Ward Elliott, who advised on the transaction. "Alliance Bernstein’s strength in the hospitality lending space uniquely positioned their platform to provide a strategic loan.”