{"id":1003691281,"date":"2008-01-03T12:00:00","date_gmt":"2008-01-03T20:00:00","guid":{"rendered":"https:\/\/64.70.41.235\/2008\/01\/03\/230m-in-financing-placed-for-acquisition-of-2-westin-hotels\/"},"modified":"2022-12-07T19:32:43","modified_gmt":"2022-12-08T03:32:43","slug":"230m-in-financing-placed-for-acquisition-of-2-westin-hotels","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/230m-in-financing-placed-for-acquisition-of-2-westin-hotels\/","title":{"rendered":"$230M in Financing Placed for Acquisition of 2 Westin Hotels"},"content":{"rendered":"

A two-part permanent financing package valued at an aggregate $230 million has been put in place for NCH-Transwest Corp.’s $310 million purchase of Tucson’s Westin La Paloma Resort & Spa, along with the Westin Hilton Head Island Resort in Hilton Head, S.C..Commercial mortgage banking firm Newmark Realty Capital Inc. orchestrated the financing, securing a $209 million first mortgage loan through JP Morgan Real Estate and a $21.5 million mezzanine loan from Ashford Hospitality Inc. News emerged in early December of last year that Tucson-based NCH-Transwest would acquire the upscale properties from an affiliate of lodging property managing firm Starwood Hotels & Resorts Worldwide. “The quality of the assets and the quality of the sponsorship were key,” Patrick Barkley, a principal with Newmark, told CPN today regarding obtaining the loans. Located on a 174-acre parcel, the Westin La Paloma features 487 guestrooms, as well as 27 holes of Jack Nicklaus Signature golf, 80,000 square feet of meeting space, restaurants and a spa. The property was developed in 1986 and commanded some $168 million in the sale. Westin Hilton Head sits on 14 acres along the ocean and encompasses over 40,000 square feet of meeting and event space, restaurants and a 7,500-square-foot spa. NCH-Transwest paid $142 million for the 23-year-old property.Given the timing of the acquisition, Newmark had its hands full, having to navigate the waters in a credit crunch environment. “It was about a 10-month process,” Barkley said. “We had one lender and we were about to close, but nine days before closing the market collapsed. Then there was a shallow pool of lenders to choose from, but once JP Morgan was on board, it was a smooth transaction, considering the market.”<\/p>\n","protected":false},"excerpt":{"rendered":"

A two-part permanent financing package valued at an aggregate $230 million has been put in place for NCH-Transwest Corp.’s $310 million purchase of Tucson’s Westin La Paloma Resort & Spa, along with the Westin Hilton Head Island Resort in Hilton Head, S.C..Commercial mortgage banking firm Newmark Realty Capital Inc. orchestrated the financing, securing a $209…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003691281","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n$230M in Financing Placed for Acquisition of 2 Westin Hotels - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/230m-in-financing-placed-for-acquisition-of-2-westin-hotels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$230M in Financing Placed for Acquisition of 2 Westin Hotels\" \/>\n<meta property=\"og:description\" content=\"A two-part permanent financing package valued at an aggregate $230 million has been put in place for NCH-Transwest Corp.’s $310 million purchase of Tucson’s Westin La Paloma Resort & Spa, along with the Westin Hilton Head Island Resort in Hilton Head, S.C..Commercial mortgage banking firm Newmark Realty Capital Inc. orchestrated the financing, securing a $209…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/230m-in-financing-placed-for-acquisition-of-2-westin-hotels\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2008-01-03T20:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T03:32:43+00:00\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/230m-in-financing-placed-for-acquisition-of-2-westin-hotels\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/230m-in-financing-placed-for-acquisition-of-2-westin-hotels\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1d2a393e4a57d6d45707374e94ab4fef\"},\"headline\":\"$230M in Financing Placed for Acquisition of 2 Westin Hotels\",\"datePublished\":\"2008-01-03T20:00:00+00:00\",\"dateModified\":\"2022-12-08T03:32:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/230m-in-financing-placed-for-acquisition-of-2-westin-hotels\\\/\"},\"wordCount\":283,\"commentCount\":0,\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/230m-in-financing-placed-for-acquisition-of-2-westin-hotels\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/230m-in-financing-placed-for-acquisition-of-2-westin-hotels\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/230m-in-financing-placed-for-acquisition-of-2-westin-hotels\\\/\",\"name\":\"$230M in Financing Placed for Acquisition of 2 Westin Hotels - 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