HFF Arranges $12.17 million for Hotel in Pleasanton, CA
LOS ANGELES, CA, January 11, 20076. The Los Angeles office of HFF (Holliday Fenoglio Fowler, LP) has arranged a $12.17 million financing for a six-story, 171-room hotel in Pleasanton, California.
Working on behalf of Angelo Gordon West, HFF managing director Paul Brindley arranged a three-year, adjustable-rate loan through Mesa West Capital. Angelo Gordon West is an affiliate of Angelo Gordon & Co., an investment management firm pursuing opportunistic and core plus investment strategies in all property types throughout the United States.
This is HFF's second financing with Angelo Gordon and Mesa West. Angelo Gordon West is using the loan proceeds to acquire, update and re-flag the current Wyndham property as a Sheraton with partner Rim Hospitality. This is also Rim Hospitality's second sponsored deal of 2005 with Angelo Gordon.
The Pleasanton hotel, currently operating as The Wyndham Garden Hotel, features 171 guest rooms, parking for 196 cars, an outdoor heated pool, a health club, a caf'e and 1,500 square feet of meeting/banquet space. Located at 5990 Stoneridge Mall Road, the property is at the intersection of Interstates 580 and 680 in Pleasanton.
"Updating and re-flagging the hotel will allow the borrower to take full advantage of a recovering hotel market," said Brindley. "Given the excellent location and exposure to heavily traveled business routes, we have confidence that the Sheraton will meet or exceed expectations."
HFF operates 17 offices nationwide and in combination with affiliate HFF Securities LP is a dominant real estate investment banking firm. HFF offers clients a full range of capital solutions and services including debt, equity, financial advisory, investment sales, note sales and loan servicing. Since 1998, the firm has completed more than $129 billion in transactions in all markets and property types.
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