Los Angeles – Oct. 12, 2021 – CBRE announced today the $61.5 million refinancing of the leasehold interest for the Hyatt House Los Angeles University Medical Center located on the University of Southern California Health Sciences Campus.
CBRE Hotels’ Mark Owens and Olga Lepow facilitated the debt financing with Westbrook Partners on behalf of The Mayer Corporation, a California-based owner, developer and operator of hospitality properties.
“CBRE’s understanding of our development and needs combined with their side-by-side teamwork exceeded our expectations and we look forward to our next transaction together,” said Bob Mayer, President of The Mayer Corporation.
The 200-key Hyatt House Hotel, which opened in late December 2020, houses conference facilities and nearly 14,000 square foot of retail space with nationally known tenants.
“This transaction reinforces the strong interest in hospitality and mixed-use properties across the country and particularly in Los Angeles. With over $1.6 billion of hospitality financing closings by our team in the U.S. recently, it’s clear that the search for yield and appeal of hospitality real estate go together,” said Mark Owens, Co-Head of Debt & Structured Finance for CBRE Hotels.
“Investors have shown a strong interest in extended stay-hotels, with this segment reporting some of the highest occupancies through the COVID-19 pandemic. Furthermore, the Hotel offers the newest product in the market, which ultimately made this opportunity highly desirable,” added Ms. Lepow.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.