Presidio Refinances $43 Million for Marriott Courtyard at Waipouli Beach Kauai
FAIRFIELD, Calif. & WAIPOULI BEACH, Hawaii--(BUSINESS WIRE)--Oct. 24, 2005--California based Presidio Hotel Group announced today that it has arranged $43 million in mini-perm financing for its 311 room Courtyard by Marriott at Waipouli Beach, Kapaa, Kauai. The loan was provided by Wachovia National Bank and negotiated by Edward DeLorme, co-founder and principal of Presidio.
Presidio acquired the property two years ago and recently completed an extensive renovation of the entire hotel. The property is the first full service Courtyard Resort in the state of Hawaii.
Built in 1978 the property was operated by Sheraton Hotels during the 1980's. The four story concrete structure sits on a 10.5-acre beachfront site in the historic Coconut Plantation district. It is centrally located in Kapaa, Kauai ten miles from the Lihue airport that is served by direct flights from Los Angeles and San Francisco. The full service property features the Voyager Grill Steak and Seafood Restaurant and Captain Cooks Lounge, a Travel Traders gift shop, Kauai Coffee Bar, the Pua Spa, a sport/tennis court and the top rated Hiva Pacifica Luau on the island of Kauai.
Presidio is managing the property under a franchise agreement from Marriott International. "Kauai is an extremely strong tourist market with high barriers to new hotel development. Our project has been extremely well received by the travel community and continues to gain market share," said Sushil Patel, principal of the firm.
About Presidio Hotel Group, LLC
Presidio Hotel Group, LLC, specializes in hospitality management and development. Based in Fairfield, CA, this company locates special opportunities for developments or acquisitions of new or existing hotel properties. Presidio develops and acquires opportunistic hotel projects throughout the United States. Presidio's current hospitality and commercial real estate portfolio is valued at over $150 million. The company's headquarters are located at 1300 Oliver Road, Suite 270, Fairfield, CA 94533; phone: 707-429-6000; Fax: 707-423-4130. Additional information is available at www.presidiohotelgroup.com.
Presidio acquired the property two years ago and recently completed an extensive renovation of the entire hotel. The property is the first full service Courtyard Resort in the state of Hawaii.
Built in 1978 the property was operated by Sheraton Hotels during the 1980's. The four story concrete structure sits on a 10.5-acre beachfront site in the historic Coconut Plantation district. It is centrally located in Kapaa, Kauai ten miles from the Lihue airport that is served by direct flights from Los Angeles and San Francisco. The full service property features the Voyager Grill Steak and Seafood Restaurant and Captain Cooks Lounge, a Travel Traders gift shop, Kauai Coffee Bar, the Pua Spa, a sport/tennis court and the top rated Hiva Pacifica Luau on the island of Kauai.
Presidio is managing the property under a franchise agreement from Marriott International. "Kauai is an extremely strong tourist market with high barriers to new hotel development. Our project has been extremely well received by the travel community and continues to gain market share," said Sushil Patel, principal of the firm.
About Presidio Hotel Group, LLC
Presidio Hotel Group, LLC, specializes in hospitality management and development. Based in Fairfield, CA, this company locates special opportunities for developments or acquisitions of new or existing hotel properties. Presidio develops and acquires opportunistic hotel projects throughout the United States. Presidio's current hospitality and commercial real estate portfolio is valued at over $150 million. The company's headquarters are located at 1300 Oliver Road, Suite 270, Fairfield, CA 94533; phone: 707-429-6000; Fax: 707-423-4130. Additional information is available at www.presidiohotelgroup.com.
posted by ams at 2:01 PM
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