September 12, 2016 Comments Off on Sumitomo Mitsui Issues Refi on 3,461-Key Hawaii Portfolio Views: 1171 Hawaii, National News, West

Sumitomo Mitsui Issues Refi on 3,461-Key Hawaii Portfolio

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A holding company for Sumitomo Mitsui Financial Group has issued $1.3 billion in financing to Kyo-ya Hotels & Resorts for four Hawaii hotels, totaling 3,461 rooms. The hotels are the Sheraton Waikiki, The Moana Surfrider, the Royal Hawaiian and the Sheraton Maui Resort & Spa.

According to a report issued by CBRE Hawaii, the new loan value is close to the portfolio’s acquisition price of two years ago. The loan proceeds are a good indication of the value appreciation underwritten by Sumitomo Mitsui, CBRE Hawaii said. The lender has assets of approximately $1.8 trillion.

The report also indicated that the transaction demonstrates offshore lenders are ready and willing to provide liquidity for Hawaii hotel transactions.

Read More at Pacific Business Journal

Connect with CBRE’s Hawaii Office

For comments, questions or concerns, please contact Amy Sorter

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