Knighthead Funding Originates $61mil Loan to Refinance Dorado Beach, a Ritz-Carlton Reserve in Dorado Beach, Puerto Rico

USA, Greenwich, Connecticut. March 17, 2021

Knighthead Funding has provided a $61 million first mortgage loan secured by Dorado Beach, a Ritz-Carlton Reserve, in Dorado Beach, Puerto Rico.

The five-year, floating-rate, non-recourse loan from Knighthead Funding refinances maturing debt.

As the first Ritz-Carlton Reserve Hotel in the Americas and one of only five in the world, Dorado Beach, a Ritz-Carlton Reserve, is one of the most luxurious properties under the Ritz-Carlton Reserve flag. Opened in 2012, Dorado Beach, a Ritz-Carlton Reserve, is situated in the exclusive gated neighborhood of Dorado Beach, on the former Laurence Rockefeller estate, on Puerto Rico's Atlantic Coast. The ultra-luxury resort features 114 beachfront guest rooms and suites, and a five-bedroom, 8,600-square-foot, Presidential Villa.

Amenities include two championship golf courses, beach club, multiple swimming pools, four restaurants, five-acre botanical spa, fitness center, retail stores and 5,000 square feet of indoor and outdoor meeting spaces. The award-winning AAA Five Diamond beachfront retreat has been recognized as one of the best resorts in the world by Conde Nast and the Best Hotel in the Caribbean by U.S. News & World Report.

While the hospitality industry has been severely impacted by the pandemic, Knighthead's financing demonstrates that capital remains available for well positioned hotel assets with strong sponsorship, according to Knighthead Funding Principal Jonathan Daniel, who led the origination team from the firm's Greenwich, CT headquarters.

"Despite displacement and impact from external factors, the hotel has been able to maintain one of the highest average daily rates (ADR) in the region," said Daniel. "In its short history, the property has yet to reach its full potential. As market conditions start to improve, we project increases in both ADR and RevPAR, especially as high-end group business returns.


Dorado Beach, a Ritz-Carlton Reserve
/ SLIDES
Tags: Knighthead Funding, finance, refinance, loan, financing, commercial real estate, real estate finance, hotels, hospitality, resort, Ritz-Carlton

About Knighthead Funding

Media Contact:

Bruce Beck
President
DB&R Marketing Communications, Inc.
T: +1 805-777-7971
E: [email protected]
W: http://www.dbrpr.com

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in June 2022...

Sales & Marketing: Promoting Peace of Mind


As the hotel industry transitions to a more familiar position, it is still necessary for hotels to emphasize in their marketing the health protocols they have implemented to ensure guest safety and wellness. Above all, guests need to be reassured that every precaution is being taken to safeguard their well-being. Additionally, there are other marketing strategies that hotels can implement as a way to boost their business. For example, neighborhood marketing is a tactic that relies heavily on appealing to local audiences. Incentives targeting locals can fulfill the craving that some people have for time away from home, but aren't ready to hop on a plane. Another viable strategy is to promote experiences in nature. After being stuck inside for so long, many people are looking for hotels to help them re-connect with the great outdoors. The June Hotel Business Review will focus on the marketing strategies that some hotels are adopting and how they are benefiting from them.