Dealmaker: George Smith Partners Secures $115M Hotel Construction Loan
George Smith Partners, Los Angeles, secured a $115 million non-recourse senior construction loan to develop a 326-key Radisson Blu hotel in Anaheim, Calif.
The hotel, located at 1601 S. Anaheim Boulevard within the Disneyland/Anaheim Convention Center submarket, will be one of the few four-star properties available outside of the Disneyland Park and will help serve the submarket’s 28 million annual visitors.
George Smith Partners Principal/Managing Director Malcolm Davies and Vice President Zachary Streit secured the loan for borrower BPM Real Estate Group, Portland, Ore. 3650 REIT, Miami, supplied the financing.
Radisson Blu is an upscale hotel brand with nearly 300 hotels on six continents. The brand focuses on major cities, key airport gateways and leisure destinations.
The Anaheim market has seen increasing hotel occupancy for several years; occupancy increased from 78 percent in 2012 to 85 percent last year. Tourism in the city has grown for five consecutive years and the city saw 24.2 million visitors last year, a 5 percent increase from 2016.
Located near the Anaheim Resort district on Interstate 5, the 12-story Radisson Blu Anaheim will be within walking distance to Disneyland resort’s main entrance and the soon-to-open Star Wars Theme Park.
A ceremonial groundbreaking will take place Nov. 30. BPM Real Estate Group said it expects the property to deliver in mid-to-late 2020.