Nexus Companies refinances Long Beach Hampton Inn for $41M
Bank of America provided the loan to the Orange County developer
Orange County developer Nexus Companies has refinanced a 241-key hotel near Long Beach Airport for $41 million.
The Costa Mesa-based firm refinanced with Bank of America on its Hampton Inn/Homewood Suites dual hotel at 3771 Lakewood Boulevard. Nexus purchased the development site for $5 million in 2016 and opened the 160,000-square-foot hotel the following year.
It is next door to a 159-key Courtyard by Marriott hotel that the firm also built. It sold that property to Arizona-based Harbor Hotels in November for $46.9 million. It was the fifth priciest hotel trade of 2018.
Nexus otherwise works mostly in Orange County, but has also built in Palm Springs, according to its website.
Long Beach Airport serves mostly commercial flights, private charters, and other non-airline flights. An adjacent 90-acre site operated by Boeing for decades an aircraft manufacturing facility hit the market last year, fueling speculation that the a buyer could undertake a massive redevelopment project.
United Parcel Service is one company that’s bid on the property. UPS wants to turn it into a last-mile delivery hub for the area.