$21 million refinancing for boutique oceanfront hotel in Laguna Beach, California, secured by HFF
SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $21 million refinancing for The Inn at Laguna Beach, a 70-room, luxury boutique hotel located along the Pacific Ocean in Laguna Beach, California.
HFF worked on behalf of the borrower, Grossman Company Properties, to secure the 15-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor, Quadrant Real Estate Advisors LLC.
The Inn at Laguna Beach opened in 1990 and completed an extensive renovation in 2012. The oceanfront hotel features a complimentary wine reception each evening, 2,100 square feet of meeting space, outdoor pool, spa tub, handmade breakfast pastries from a local baker and the Pacific Terrace rooftop bar that overlooks the Pacific Ocean. Located at 211 North Pacific Coast Highway, The Inn at Laguna Beach is situated on the northern end of Laguna’s “Main Beach” in the heart of this coastal community. The hotel is within walking distance to the Laguna Art Museum, Main Beach Park, Heisler Park, Diver’s Cove, Laguna Playhouse, shops and restaurants.
The HFF debt placement team representing the borrower was led by senior managing director Timothy Wright and managing director Scott Hall.
About Grossman Company Properties
Grossman Company Properties, based in Phoenix, Arizona, is a diversified real estate developer, owner and manager. With a history rich in owning exceptional projects including among others, the famed Arizona Biltmore, Arizona Grand Resort & Spa, Biltmore Fashion Park, Chris-Town Mall, The Inn at Laguna Beach, La Playa Carmel and Hidden Springs Community, Grossman continues to expand its expertise in the development and management of hotels and resorts, office buildings, high-end residential and mixed-use developments and ranch and farm operations. For more information, visit www.grossmancompany.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.