Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced it has provided a $27 million construction completion bridge loan to recapitalize the Hyatt Hotel Nue in Los Angeles.
The hotel features 64 guestrooms and will include a ground floor lobby and restaurant, a rooftop bar, a contemporary lounge and pool area and an underground parking garage. The concept is part of the Hyatt Unbound Collection and will cater to business travelers and tourists seeking a unique, social experience. Situated between Hollywood Boulevard and Sunset Boulevard in Hollywood, the seven-story boutique-style hotel is within easy walking distance to restaurants, bars, shopping and tourist destinations.
Luxury boutique hotels that focus primarily on leisure-driven markets have generally fared better and are expected to recover sooner than properties that are more reliant on convention or group revenue,” said Eric Jordan, SVP of real estate lending at Columbia Pacific Advisors. “With cities returning to normal and travelers planning for life back on the road, the Hyatt Hotel Nue should benefit from these trends due to its focus on tourists and locals and its well-timed opening targeted for the end of the year.”
The hotel is owned by S3D Partners, a family-run business with more than 22 years of experience in investing, developing and operating hotels. The group currently owns or maintains an interest in 12 other hotels throughout California and Texas.
“We are very pleased to have closed on our financing with Columbia Pacific Advisors. In spite of the challenges imposed by COVID, the Columbia Pacific team recognized the unique opportunity presented by this project and worked tirelessly with our team to close this loan,” said Jayesh Kumar, CEO of S3D Partners. “We look forward to embarking on this journey together and are thrilled to bring this high quality, modern boutique hotel to Hollywood later this year.”