{"id":1004181386,"date":"2017-06-22T06:48:43","date_gmt":"2017-06-22T14:48:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004181386"},"modified":"2022-12-09T02:11:20","modified_gmt":"2022-12-09T10:11:20","slug":"disneyland-area-sheraton-lands-21m-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/disneyland-area-sheraton-lands-21m-financing\/","title":{"rendered":"Disneyland-Area Sheraton Lands $21M Financing"},"content":{"rendered":"

By Ariela Moraru<\/p>\n

\"Sheraton<\/a>

Sheraton Garden Grove-Anaheim South Hotel<\/p><\/div>\n

Continental Partners has secured $20.5 million in fixed-rate, non-recourse refinancing for the Sheraton Garden Grove-Anaheim South Hotel, a 285-key property two miles from the Disneyland theme park. The five-year financing will also serve to pay off a mezzanine loan. Priced in the low 5-percent range, the loan is sized to 65 percent of cost with a 30-year amortization schedule and a debt coverage ratio of 1.4.<\/p>\n

\u201cMost lenders were sizing to debt yields around 11.5 to 12 percent and were skeptical of the asset\u2019s strength based on the 12 months of historical operating statements and the quick ramp-up in net operating income,\u201d<\/em> said Continental Partners President Mitch Paskover in prepared remarks.<\/p>\n

The firm also conducted an extensive market survey using an STR report to confirm market occupancies and average daily rates for comps in the area. \u201cBy communicating the strength of this asset and the demand in this market, we were able to secure a lender who was comfortable enough with the deal to lower the debt yield below 10.5 percent and commit a larger loan amount than originally requested,\u201d<\/em> added Paskover.<\/p>\n

Located at 12221 Harbor Blvd., in Garden Grove, Calif., the 186,000 square-foot, seven-floor building sits on 3.1 acres. Amenities include a first-floor lobby bar, lounge and restaurant, an 8,500-square-foot indoor meeting space, business center, fitness center and an outdoor pool and spa.<\/p>\n

Investors Flock to\u00a0Orange County<\/h2>\n

Investment interest in the Orange County hotel sector is fueled by sustainable growth, driven by the booming tourism industry<\/a>, with more than 48 million visitors in 2016, according to the Orange County Visitors Association. The average daily rates are anticipated to increase 3.5 percent in 2017, according to a CBRE report. The market outperforms other U.S. markets, with 77 percent average occupancy rates compared to the national 65.4 percent average.<\/p>\n

Announced developments in the area will add to this momentum. Disneyland has a $1 billion, 14-acre expansion underway, while the Anaheim Convention Center, one of the largest convention centers on the West Coast, will add more than 200,000 square feet of meeting space by the fall.<\/p>\n

Image courtesy of Capital Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Continental Partners has secured a five-year, fixed-rate loan for the 285-key Sheraton Garden Grove-Anaheim South Hotel. The financing will also serve to pay off a mezzanine loan. <\/p>\n","protected":false},"author":960,"featured_media":1004505946,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21751,21742,34267,15],"tags":[34392,34731,35252],"class_list":["post-1004181386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-hotel","category-latest","category-orange-county","category-west","tag-continental-partners","tag-mitch-paskover","tag-str-inc"],"acf":[],"yoast_head":"\nDisneyland-Area Sheraton Lands $21M Financing - 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\/disneyland-area-sheraton-lands-21m-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Disneyland-Area Sheraton Lands $21M Financing\" \/>\n<meta property=\"og:description\" content=\"Continental Partners has secured a five-year, fixed-rate loan for the 285-key Sheraton Garden Grove-Anaheim South Hotel. 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