RobertDouglas Advises Waterton on the $30-Million Financing for the Acquisition of the Sierra Nevada Resort & Spa in Mammoth Lakes, California
RobertDouglas announced today that it advised Waterton in securing a $30-million, non-recourse senior mortgage for the acquisition and renovation of the Sierra Nevada Resort and Spa in Mammoth Lakes, California. The floating-rate financing was provided by a leading alternative credit manager focused on high-quality, floating-rate debt.
"The loan was structured to facilitate the acquisition and renovation of this irreplaceable Property located in downtown Mammoth. The highly institutional Sponsorship and thoughtful business plan helped us source a lender who delivered strong pricing and flexibility with regards to the redevelopment financing", remarked Evan Hurd, Principal and Managing Director with RobertDouglas.
The Sierra Nevada Resort & Spa is an iconic property built in 1967 by Jerry Buss, a major real estate developer and former owner of the Los Angeles Lakers. The historical Property sits on 6.1-acres in downtown Mammoth Lakes, CA and features 149 spacious guestrooms. The Sierra Nevada Resort will undergo a transformational renovation including the addition of 30 new keys to the Property. The Resort will be repositioned as a boutique, outdoor lifestyle hotel with 179-keys following the renovation.
Mammoth Lakes is an acclaimed year-round destination and home to Mammoth Mountain, one of the top three most visited ski resorts in the US with over 3,500 acres of skiable terrain, 150 trails, and 30 lifts. Mammoth excels as a drive-to leisure destination with travel to the area continuing to grow due to the growing outdoor tourism market.