The Real Deal Miami

Doral Golf Resort back to lender

January 31, 2011 09:40AM

The lender on the Doral Golf Resort and Spa, CNL AB, was the only
registered bidder at the Jan. 28 auction of eight hotels in a portfolio.
CNL will take over the equity of KSL Hotel and be responsible for
servicing the debt on the Doral hotel and seven others. The portfolio
has a total of $3.3 billion in debt, according to Dax Scharfstein,
managing director and general counsel of New York-based Carlton Advisory
Services, which was hired by CNL to find bidders for the $200 million
mezzanine loan on the corporate debt of KSL. “We widely marketed the
portfolio and had a huge response, but, in the end, no one showed up to
bid,” he said.