WEST HOLLYWOOD, Calif., Sept. 2, 2021 /PRNewswire/ -- Newmark, representing the Witkoff Group, arranged a $230 million refinance of their EDITION Hotel, along West Hollywood's Sunset Boulevard. J.P. Morgan and Mack Real Estate Credit Strategies provided the financing.
The 190-key luxury hotel, which serves as the West Coast flagship property for the rapidly emerging brand, debuted in 2019, along with the successfully sold EDITION Residences. The Property is immediately surrounded by some of the world's premier nightlife and entertainment offerings, as well as some of Los Angeles' most popular and exclusive restaurants.
The Newmark team on the transaction was led by Dustin Stolly and Jordan Roeschlaub, co-heads of Debt & Structured Finance, along with Senior Managing Director Nick Scribani, and associate Dan Morin.
Stolly added, "Lenders and investors alike are fighting to deploy their capital in top-tier, leisure-focused lodging assets, which are positioned to capture an outsized share of the pent-up travel and local demand."
The EDITION brand, conceptualized by hotel visionary Ian Schrager and owned by Marriott International, is a five-star lifestyle hotel brand offering a unique hotel experience with a personal, intimate, and individualized feel. Ian Schrager's residential, hotel, and entertainment developments have been at the forefront of the boutique development landscape for the past 30 years.
Witkoff is a privately held, global real estate development and investment firm headquartered in Miami. Founded by Steven Witkoff in 1997, the firm is a market leader in the ownership in major cities both in the United States and abroad.