SAN DIEGO--(BUSINESS WIRE)--HFF announces $155 million in construction financing for the ground-up development of two oceanfront hotels in Oceanside, California.
Working on behalf of the developer, S. D. Malkin Properties, the HFF team placed the construction financing with Bank OZK and an East Coast-based institutional investor.
The two hotels will be developed over a 2.75-acre, two-block site located along Mission Avenue and North Pacific Street. Both properties will have immediate access to the beach and, combined, feature 387 rooms, 85 percent of which will have water views. The hotels’ location in Oceanside places it central to several of Southern California’s most famous attractions, including Disneyland, Legoland, Sea World and the San Diego Zoo.
One of the hotels will be operated by Destination Resorts and the other by Joie de Vivre (both brands are owned by Hyatt). The hotel operated by Destination Resort will have 226 rooms, a signature restaurant, indoor/outdoor lounge, pool with ocean views, luxury spa and more than 20,000 square feet of meeting and event space. The hotel operated by Joie de Vivre hotel will have 161 guest rooms, a rooftop pool and bar, world class restaurant, public garden and 3,000 square feet of retail space and feature the historic circa 1887 Graves House, a local icon commonly known as the “Top Gun” house, which will be completely renovated and opened to the public.
The HFF team representing the borrower included senior managing directors Timothy Wright and Scott Hall, director Olga Walsh and analyst Aaron Lapping.
“The beachfront hotels will be distinctive but complementary, providing a full-service and boutique experience in downtown Oceanside’s burgeoning retail, restaurant and entertainment district,” Wright said. “The hotels will help meet the demand for high-quality, unique beachfront hospitality in San Diego and Southern California.”
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About S. D. Malkin Properties
S.D. Malkin Properties, Inc. is a global real estate company specializing in creating and operating experiential retail and hospitality destinations for discerning global audiences. S.D. Malkin’s expertise includes retail, hotel and urban mixed-use projects in the United States, including the award-winning Hilton Gaslamp and Cable Building Lofts in San Diego as well as two Rodeo Drive in Los Angeles and, through Value Retail PLC and VIA Outlets, affiliated companies, luxury factory outlet retail Villages in Europe and China. S.D. Malkin is also currently involved in the development of large scale, sports and entertainment anchored mixed-use master planned environments. S.D. Malkin Properties has offices in Greenwich, Connecticut, and San Diego, California. For more information, visit www.sdmproperties.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.