$29 million refinancing secured by HFF for Hilton Garden Inn Carlsbad Beach near San Diego
SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $29 million refinancing for the Hilton Garden Inn Carlsbad Beach, a 161-room, Hilton-branded, oceanfront hotel in the coastal Southern California community of Carlsbad.
HFF worked on behalf of the borrower, Wave Crest Resorts III, LLC, to secure the seven-year, fixed-rate loan through a major life insurance company. Proceeds are being used to refinance the hotel.
Hilton Garden Inn Carlsbad Beach is an award-winning hotel that was once named Hilton Garden Inn Hotel of the Year and, in 2014, received the TripAdvisor Certificate of Excellence Award. Built in 2000, the three-story hotel features a swimming pool, whirlpool, fitness facility, business center, 12,536 square feet of indoor and outdoor meeting and event space, bicycle rentals, a 24-hour convenience pantry and the Carlsbad Beach Bistro restaurant. Situated on 4.78 acres at 6450 Carlsbad Boulevard, the property is on the Carlsbad Coast approximately 35 miles north of downtown San Diego. The property is proximate to area attractions including LEGOLAND, Carlsbad Flower Fields and SEA LIFE Aquarium, and numerous corporate headquarters, including Calloway Golf, TaylorMade and Life Technologies.
The HFF debt placement team representing the borrower was led by senior managing director Tim Wright and managing director Scott Hall.
About Wave Crest Resorts III, LLC
Wave Crest Hotels Resorts III, LLC evolved from Wave Crest Ltd., a development company that traces its origins to the 1980s and was responsible for the development of several residential and commercial buildings in North County San Diego, primarily in the hospitality and residential field. Visit wavecrestresorts.com for more information.
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.