Phillips Realty Capital Structures $63 Million for Ohana Waikiki Malia Hotel in Honolulu

USA, Bethesda, Maryland. February 11, 2019

Phillips Realty Capital announced that a $63,000,000 transaction on behalf of Lucky Hotels USA has closed and funded. Benefit Street Partners provided fixed-rate permanent financing secured by the 327-room OHANA Waikiki Malia Hotel located in Honolulu, Hawaii. The financing was structured by John R. Sieber, Jr., CMB, a Principal at Phillips Realty Capital. Aaron Derby, Managing Director, Originations at Benefit Street Partners, represented the lender.

Managed by Outrigger Hotels and Resorts, the property is located in the Waikiki Resort District just three blocks from the beach at 2211 Kuhio Avenue. The Hotel consists of two towers built in 1960 and 1980 and underwent a$6.2M renovation in 2010 to update the rooms, lobby, and common areas. Amenities are geared towards family and group travelers with connecting rooms and one-bedroom units with kitchenettes. Visitors are just steps from Kalakaua Avenue's "Luxury Row," a renowned shopping and international travel destination.

"We sought out a lender with deep understanding of Hawaii's hospitality market," Sieber said. "Benefit Street's experience in the market helped them to see the value of a long-term owner with near-term plans for capital upgrades that position the property well for the future."

"Working with the Phillips team gave us high confidence in the underwriting. Their attention to detail facilitated a timely and seamless closing," said Derby.


Tags: hotel financing, Phillips Realty Capital

About Phillips Realty Capital

Media Contact:

Jan Hyland
Communications Consultant
Phillips Realty Capital
T: 703-801-8474
E: jan.hyland@jhycom.com
W: http://www.phillipsrealtycapital.com

Subscribe to our newsletter
for more Hotel Newswire articles

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in July 2020...

Hotel Spa: Back to Nature

As the Wellness Industry continues to expand, hotel spas are also diversifying, placing a greater emphasis on overall well-being. For some spas, this means providing clients with all-inclusive packages that include fitness classes, healthy dining, and offsite leisure activities, in addition to their core services. For example, spas near ski resorts are offering packages that include lift passes, pre-ski yoga sessions, after-ski dinners and spa treatments. Other spas are offering packages that include massages, saunas, mineral baths, hot springs, and recreational hiking and snowmobile activities. These kinds of spa offerings are also part of a "Back to Nature" movement that encourages guests to get out and experience the healing qualities of nature. One such therapy is the Japanese practice known as "forest bathing" which has become popular with spas that are near wooded areas. This practice relies on the ancient power of a forest for promoting a sense of health and well-being. Other spas are incorporating precious metals and stones into their health and beauty treatments - such as silver, gold, pearls and amber. Silver ion baths relax the body and mind, reduce fatigue, and restore energy balance. Gold keeps skin radiant and can even treat various skin diseases and infections, due to its antibacterial qualities. Amber is used to calm the nervous system and to relieve stress. Other natural products and therapies that are increasingly in demand include sound therapy, cryotherapy, infra-red saunas, and even CBD oil, which is being used in massages, facials and foot scrubs, providing a new form of stress relief. The July issue of the Hotel Business Review will document these trends and other new developments, and report on how some hotel spas are integrating them into their operations.