The Commercial Observer is reporting that Bank of China has loaned $87 million to help finance Loews Hotels & Resorts’ acquisition of the former Mandarin Oriental San Francisco in the city’s Financial District, according to JLL, which arranged the financing on behalf of the borrower.
New York-based Loews Hotels & Resorts paid roughly $158 million for the 155-room hotel this spring. The Bank of China loan would then cover about 55 percent of the purchase. The terms of the debt were not immediately available.
JLL Senior Vice President Mike Huth, Managing Director John Manning and Executive Vice Presidents Kevin Davis and Alex Witt worked on the deal.