Northwood Investors has refinanced the London West Hollywood, its first big luxury hotel acquisition on the West Coast.
The privately held real estate investment firm secured a $165 million, five-year loan from Société Générale and Crédit Agricole, the Commercial Observer reported.
Located at 1020 North San Vicente Boulevard, right off the Sunset Strip, the London West Hollywood features 226 rooms. In addition to panoramic city views, the hotel features a fitness center, swimming pool with private cabanas, a screening room and 4,000-square-foot ballroom.
Northwood, founded by former Blackstone Group executive John Kukral, bought the property from Blackstone in 2013 for $195 million, records show. It marked the first hotel purchase on the West Coast for the company, which is active in New York.
The company then poured in $38 million to renovate the property, adding 26 suites and the esteemed London Bar. It also upgraded the lobby and common areas.
Dustin Solly, Jordan Roeschlaub, Nick Scribani and Christopher Kramer at Newmark Knight Frank Capital Markets arranged the financing. Adam Etra, Mark Schoenholtz and Lawrence Wolfe from Newmark’s lodging capital markets group assisted in the deal. [CO] – Natalie Hoberman