Hotel Financial Strategies Arranges $400 mil in New Financing
JULY 6, 2006.
Grand Sierra Resort
The $300,000,000 Grand Sierra Resort in Reno, Nevada, is the largest condo-hotel conversion in the United States. 825 rooms of the 1995 room / 27-story tower are being converted into luxury hotel condominiums.
This initial phase will also include a renovation of all of the public areas, the casino, the 27-story hotel tower, and exterior amenities. Future plans include the development of the nation's largest water park and several condominium towers. One of the unusual aspects was that we did a bond offering rather than a conventional mortgage.
Phoenix Inns
We also acted as the financial advisor on the acquisition and financing of the 11 property Phoenix Inn portfolio located in the Pacific Northwest. The Phoenix Inns are a series of limited service all-suite hotels totaling 1057 rooms.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
