RobertDouglas Advises Chartres Lodging Group and Artemis Real Estate Partners on the $20.5 Million Financing for the Acquisition of the Courtyard Long Beach Airport in Long Beach, CA

Los Ange­les, CA – Robert­Dou­glas announced today that it advised Chartres Lodg­ing Group and Artemis Real Estate Part­ners on the $20.5 mil­lion financ­ing for the acqui­si­tion of the Court­yard Long Beach Air­port in Long Beach, CA.

The Court­yard Long Beach Air­port is a recently-built pre­mium focused-service hotel that fea­tures 159 spa­cious gue­strooms; Court­yard by Marriott’s sig­na­ture food and bev­er­age out­let, The Bistro; approx­i­mately 2,000 square feet of meet­ing space; a heated out­door swim­ming pool and whirlpool spa; and a well-equipped fit­ness cen­ter.  The Prop­erty is ide­ally sit­u­ated within the 261-acre Dou­glas Park mixed-use devel­op­ment that fea­tures a rapidly expand­ing ten­ant base includ­ing Mercedes-Benz, Vir­gin Galac­tic, The Kong Com­pany, Food Pharma, and Turbo Air.

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“As a newly-built hotel that has rapidly ramped up per­for­mance to deliver attrac­tive in-place under­writ­ten loan met­rics, this acqui­si­tion financ­ing oppor­tu­nity drew strong inter­est from a wide range of lenders and enabled us to cre­ate a com­pet­i­tive mar­ket­ing process,” said Steve Chung, Asso­ciate at Robert­Dou­glas.  “The highly qual­i­fied prop­erty man­age­ment team from Kokua Hos­pi­tal­ity, the insti­tu­tional asset man­age­ment team that com­prise the Spon­sor­ship, and the rel­a­tively con­ser­v­a­tive lever­age level requested ulti­mately got lenders very com­fort­able with this deal and resulted in more favor­able terms and flex­i­ble covenants for the financ­ing,” said Stephen O’Connor, Prin­ci­pal & Man­ag­ing Direc­tor at RobertDouglas.

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