February 14, 2018
CBRE Hotels arranged the $195-million mortgage for the recapitalization of the Aruba Marriott Resort and Stellaris Casino in Palm Beach. The recapitalization facilitated the buy-out of some of the partners, and consisted of a $195 million, fixed rate, interest-only loan facility provided by Cantor Commercial Real Estate (CCRE) and an undisclosed preferred equity investment.
Located on the white sands of Palm Beach, Aruba’s most desirable lodging destination, the 414-key resort was a highly sought-after property.
CBRE Hotels’ Mark Owens and team, in concert with the firm’s Caribbean lodging experts, Christian Charre and Paul Weimer, effectuated the transaction.
Owens says, “The institutional sponsorship paired with an aggressive on-the-ground asset management team, an incredible physical product, strong and consistent cash flow, and Marriott’s global platform generated a surprising amount of liquidity for such a large Caribbean transaction.”
For comments, questions or concerns, please contact Dennis Kaiser