Lorber, Witkoff nab $260M construction loan for LA Edition hotel

Property will be the brand's first on the West Coast

New York /
Dec.December 17, 2015 04:53 PM

Two quintessentially New York developers are eyeing the Golden State for their latest collaboration.

Howard Lorber’s New Valley and developer Steve Witkoff scored a $260 million loan for the construction of the first Edition hotel on the West Coast, The Real Deal has learned.

The financing was provided by Cornerstone Real Estate Advisors, the same lender behind the recent refinancing of 45 Broadway in Lower Manhattan.

The West Hollywood hotel, which Lorber and Witkoff are developing in partnership with Marriott and hotelier Ian Schrager, will be the Edition’s West Coast flagship, with 190 hotel rooms, 20 condominium units, a restaurant, bar, two rooftop pools and nightlife venues.

The same partnership sold the first New York and Miami Beach Edition hotels to the Abu Dhabi Investment Authority earlier this year for a combined $567 million. Another Edition hotel is currently under construction in Times Square, at 701 Seventh Avenue.

A JLL team led by Dustin Stolly and Samantha Fisher brokered the financing on behalf of Lorber and Witkoff.

“Given its programming, brand affiliation, and prime location at Sunset and Doheny, this project is uniquely positioned within the West Hollywood and Beverly Hills submarkets, which are both experiencing strong growth,” Fisher said.


Related Articles

arrow_forward_ios
Steven, Lauren and Zach Witkoff with the Ritz-Carlton Residences, Miami Beach (Getty, Witkoff, Ritz Carlton)
Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
The Closing: Scott Durkin
The Closing: Scott Durkin
The Closing: Scott Durkin
Howard Lorber and Steve Witkoff (Getty, iStock)
Lorber, Witkoff launch $250M SPAC
Lorber, Witkoff launch $250M SPAC
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Charles Koch of Koch Real Estate Investments and 2777 South Las Vegas Boulevard (Getty, iStock)
Koch buys Las Vegas casino development
Koch buys Las Vegas casino development
Steve Witkoff and 4766 North Bay Road (Getty, Douglas Elliman)
Steve Witkoff buys waterfront Miami Beach lot for $8M
Steve Witkoff buys waterfront Miami Beach lot for $8M
The assemblage at 547-557 and 559-589 Fulton Street, RedSky Capital’s Benjamin Bernstein and Steve Witkoff (Google Maps; ICSC; Witkoff)
Witkoff to advise on Downtown Brooklyn project
Witkoff to advise on Downtown Brooklyn project
Douglas Elliman chairman Howard Lorber (Getty)
Howard Lorber says bidding wars are still happening in NYC
Howard Lorber says bidding wars are still happening in NYC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...