June 27, 2017
Natixis provided $93 million of floating-rate financing to The Yucaipa Companies, owner of The Line Hotel, a 384-room, newly renovated lifestyle hotel located in Los Angeles’ Koreatown. The funds were used to refinance an existing renovation loan after the completion of improvements at the 12-story, full-service boutique hotel, that opened in 2014.
The new loan will provide additional funding for minor ongoing property renovations. The sponsors plan to reposition the first floor lobby and restaurant areas, and upgrade the grand ballroom based on unexpectedly strong demand at the Wilshire Blvd. property
The property is owned by Ron Burkle’s Yucaipa Companies, and managed by New York-based Sydell Group, founded by Burkle and Andrew Zobler. The hotel is the first location of a planned brand expansion across the United States.
For comments, questions or concerns, please contact Dennis Kaiser