By Ariela Moraru
Los Angeles’ The Line Hotel in Koreatown landed $93 million to refinance an existing loan after a recent multi-million-dollar makeover. The loan will also be used to fund minor ongoing property renovations. Natixis arranged the floating-rate financing for The Yucaipa Cos., owner of the 384-key lifestyle hotel. Managed by Sydell Group, The Line Hotel is the first location of a planned brand expansion across the United States.
Located at 3515 Wilshire Blvd., the 12-story property opened in 2014. The sponsors plan to upgrade the first-floor lobby, restaurant areas and the grand ballroom. Other property amenities include meeting rooms, an outdoor pool and a nightclub. The hotel was designed by architect Sean Kniff with inspiration from Los Angeles and Koreatown neighborhood culture.
The Line Hotel brand is also planning to open a hotel in Washington, D.C. in 2018 and one in Austin this summer.
Image courtesy of Google Street View