Witkoff Group and New Valley score $300M refi on WeHo Edition condo-hotel

The recently-built luxury development includes 190 hotel rooms and 20 condos

Los Angeles /
May.May 23, 2019 08:00 AM
Howard Lorber of New Valley Group and Steven Witcoff of Witcoff Group
Steven Witcoff of Witcoff Group, at left, and Howard Lorber of New Valley Group

Witkoff Group and New Valley Group secured a $300 million refinancing on their West Hollywood condo and hotel project, as the neighborhood continues to see an influx of high-end developments.

Deutsche Bank and South Korean investment bank Mirae Asset Daewoo provided financing for the West Hollywood Edition, according to Commercial Observer. The 13-story luxury hotel and condo development is on the Sunset Strip off Doheny Drive, at 9040 Sunset Boulevard.

The development includes a 190-room hotel, 20 condominiums, more than 11,000 square feet of meeting space, about 16,500 square feet of terrace space, a private rooftop pool, fitness center and bar. The hotel will operate under the Marriott International brand.

The luxury condos debuted in January, and a full opening is expected in the fall. The project marks Witkoff Group CEO and founder Steven Witkoff’s first development in Los Angeles.

New Valley is run by CEO Howard M. Lorber, who is also CEO of parent company Vector Group.

Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Chris Kramer arranged the financing.

Cornerstone provided the construction financing.

In West Hollywood, CIM Group is planning to build a 100-foot mixed-use complex with 85 hotel rooms, and Northwood Investors scored a $165-million loan in February to refinance the 226-room London West Hollywood. [Commercial Observer]Gregory Cornfield


Related Articles

arrow_forward_ios
Combined Properties Chairman Ronald Haft, AECOM Capital CEO Warren Wachsberger and Pendry West Hollywood
AECOM JV lands $500M loan on boutique hotel-condo
AECOM JV lands $500M loan on boutique hotel-condo
Councilman John Lee and 10243 N. Topanga Canyon Boulevard (Facebook/CouncilmemberJohnLee, Google Maps)
Housing project for homeless vets gets pushback
Housing project for homeless vets gets pushback
Continuum Partners CEO Mark Falcone and the development site (Continuum, iStock, Google Maps)
Continuum Partners plans $2B megaproject to transform Arts District
Continuum Partners plans $2B megaproject to transform Arts District
Los Angeles Planning Commission approves Hollywood zoning changes. (iStock)
Planning Commission OK’s changes to Hollywood zoning, land use
Planning Commission OK’s changes to Hollywood zoning, land use
The rail project had its genesis in the late 1990s but has faced numerous delays. (iStock, Getty)
Land purchases could delay high-speed rail 2 years: contractor
Land purchases could delay high-speed rail 2 years: contractor
Palari Group CEO Basil Starr and Mighty Buildings CEO Slava Solonitsyn with renderings of the project (Palari)
Developers tout 3D-printed houses in Coachella Valley as “zero net energy”
Developers tout 3D-printed houses in Coachella Valley as “zero net energy”
Rendering of Figueroa Centre (right) with an aerial view of the vacant site at 911-927 South Figueroa Street (Google Maps, CallisonRTKL/Illustration by Kevin Rebong for The Real Deal)
A Genting scion’s plans for a DTLA supertall were quietly shelved. What happened?
A Genting scion’s plans for a DTLA supertall were quietly shelved. What happened?
Related Fund Mangement’s Managing Principal Justin E. Metz and a rendering of Cross Creek Ranch. (Jay Luchs, Related)
Malibu’s largest commercial project nabs $130M construction loan
Malibu’s largest commercial project nabs $130M construction loan
arrow_forward_ios

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

Loading...