March 1, 2016
Irvine-based Robert Mayer Corp. closed a $140-million financing and land acquisition deal, allowing its long-awaited hotel expansion in Huntington Beach to move forward. Plans call for a nine-story tower to be built at the Waterfront Beach Resort, which will nearly double the size of the property.
The owner expects to break ground this month on 151 additional guest suites, a ballroom, meeting rooms, as well as restaurant, spa and pool deck, and outdoor event space.
The transaction involved acquiring the existing Hilton land and an adjacent 3.5-acre expansion parcel, refinancing an existing loan, and arranging construction financing. The lender was Pacific Life, while the transaction was negotiated by Orange County-based law firm, Smiley Wang-Ekvall, LLP.