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CBRE Hotels Arranges $200 Million Plus Recapitalization Of Aruba Marriott Resort And Stellaris Casino

Monday, February 12, 2018
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LOS ANGELES–—CBRE Hotels has arranged the $195 million mortgage for the recapitalization of the Aruba Marriott Resort and Stellaris Casino in Palm Beach, on behalf of the owners.

CBRE Hotels’ Debt & Structured Finance’s Mark Owens and team in concert with the firm’s Caribbean lodging experts, Christian Charre and Paul Weimer, effectuated the transaction.

The recapitalization facilitated the buy-out of some of the partners and consisted of a $195 million, fixed rate, interest-only loan facility provided by Cantor Commercial Real Estate (CCRE) and an undisclosed preferred equity investment.

“The institutional sponsorship paired with an aggressive on-the-ground asset management team, an incredible physical product, strong and consistent cash flow, and Marriott’s global platform generated a surprising amount of liquidity for such a large Caribbean transaction,” said Mr. Owens, executive vice president and Head of Debt & Structured Finance, CBRE Hotels.

Located on the white sands of Palm Beach, Aruba’s most desirable lodging destination, the 414-key resort was a highly sought-after property.

“The Aruba Marriott Resort and Stellaris Casino is a tremendous asset in a top Caribbean market that we are certain will continue to perform extremely well. This will likely be one of the largest, if not the largest, transaction to close in the Caribbean for quite some time.” Said Mr. Weimer, senior vice president, CBRE Hotels.

“This top performing asset is located on what we consider a “blue chip” island, impervious to hurricane and political risks with one of the best airlifts in the region, including from the U.S. and Europe. This is truly an institutional asset that has garnered investors’ attention because of its remarkable performance” said Mr. Charre, senior vice president, CBRE Hotels.

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