Knighthead Funding Originates $61 MM Loan to Refinance Dorado Beach, a Ritz-Carlton Reserve
By: Knighthead Funding
The five-year, floating-rate, non-recourse loan from Knighthead Funding refinances maturing debt.
As the first Ritz-Carlton Reserve Hotel in the Americas and one of only five in the world, Dorado Beach, a Ritz-Carlton Reserve, is one of the most luxurious properties under the Ritz-Carlton Reserve flag. Opened in 2012, Dorado Beach, a Ritz-Carlton Reserve, is situated in the exclusive gated neighborhood of Dorado Beach, on the former Laurence Rockefeller estate, on Puerto Rico's Atlantic Coast. The ultra-luxury resort features 114 beachfront guest rooms and suites, and a five-bedroom, 8,600-square-
While the hospitality industry has been severely impacted by the pandemic, Knighthead's financing demonstrates that capital remains available for well positioned hotel assets with strong sponsorship, according to Knighthead Funding Principal Jonathan Daniel, who led the origination team from the firm's Greenwich, CT headquarters.
"Despite displacement and impact from external factors, the hotel has been able to maintain one of the highest average daily rates (ADR) in the region," said Daniel. "In its short history, the property has yet to reach its full potential. As market conditions start to improve, we project increases in both ADR and RevPAR, especially as high-end group business returns.
About Knighthead Funding LLC
Knighthead Funding, LLC http://www.knightheadfunding.com is a national real estate finance company specializing in loans for the acquisition, renovation, construction and refinancing of commercial real estate across all asset classes. Knighthead originates loans for its managed real estate debt funds, Knighthead Annuity & Life Assurance Company and for the lodging, travel and hospitality funds co-managed by its affiliate, Knighthead Capital Management, LLC, a New York-based SEC registered investment management firm.
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