Reportedly, The Beverly Hilton and adjacent Waldorf Astoria obtained $500 million in refinancing from Goldman Sachs Group Inc. (GS) and Aareal Capital Corp. as the owners are preparing to build a neighboring condo and hotel complex in Beverly Hills, California.
According to a statement Aareal, a unit of Aareal Bank AG based in Wiesbaden, Germany, is providing the senior portion of the $500 million debt while Goldman Sachs Asset Management is financing the mezzanine portion. The terms of the loan remain undisclosed.
The Covid-19 pandemic has hit hotels hard, especially properties that depend on conferences and events. The new financing signals support for the future of the Beverly Hills properties, informed Jonathan Goldstein, chief executive officer of Cain International that partnered with Alagem Capital Group to acquire the Waldorf and Beverly Hilton in 2018.
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