LOS ANGELES, California—Mesa West Capital has provided an affiliate entity of Seaview Investors, LLC (Seaview) with $55 million in first mortgage debt to refinance the Burton House Beverly Hills, a 186-room full-service hotel in West Los Angeles.
The five-year, nonrecourse financing is secured by the Burton House Beverly Hills, located at the southern gateway to Beverly Hills. Eastdil Secured arranged the financing. Seaview recently completed a $13.7 million renovation as part of a repositioning under the Tribute Portfolio Hotels & Resorts brand. Improvements included the redesign of the guestrooms, the development of the Emerald Lounge, a new dining and social concept, updated entrances, a revamped lobby, a new fitness center, and a 1,100-square-foot yoga and Pilates studio.
The refinancing provides the sponsor, a privately held hotel investment firm based in Newport Beach, CA, time to continue driving operating performance under the new brand and to compete with other luxury hotels in the Beverly Hills market, according to Joshua Westerberg, who heads Mesa West’s West Coast Origination team.
“The Burton House is already establishing itself within the market as it leverages the upgraded offerings and guest experience, the Marriott brand, and its prime location,” said Westerberg. “This is evidenced by significant increases in both net operating income and occupancy since renovations were completed. We see even further upside as Seaview continues to season the asset.”
