SAN DIEGO, Calif.–Commercial investment banking firm George Smith Partners has secured an $85 million bridge loan for the San Diego Pendry Hotel, a new luxury hotel brand operated under the Montage Hotels & Resorts.
Located in downtown San Diego’s historic Gaslamp Quarter, Pendry San Diego is a 317-room asset with a rooftop pool, a spa, six restaurants and bars, and 35,000 square feet of high-end meeting and event space. The property opened in February 2017.
“While Pendry San Diego has only been open for eight months, our team at George Smith Partners—who originally secured the construction loan for the hotel—has now secured bridge financing to repay the construction facility,” says Principal Malcolm Davies, who arranged the financing along with GSP Vice President Evan Kinne and Assistant Vice President Alex Rossinsky.
“Pendry San Diego’s unique Gaslamp location and impeccable high-end restaurants and bars have resulted in thousands of hotel and non-hotel patrons enjoying its offerings,” says Davies.
George Smith Partners garnered interest from numerous financing providers, and the sponsor ultimately selected a seasoned lender who has a deep understanding of the hospitality industry as the financier of the new $85 million loan.
“The lender understood the strength in the asset, the strong capabilities of the sponsor, and market demand of both business and leisure travelers who will frequent the property over the coming years,” Davies explains.
“This is an incredible property that brings a fresh option to the San Diego community,” Davies remarks. “We are continually impressed by the developer and owner, The Robert Green Company; owner Montage Hotels & Resorts; and owner, Dan Kloiber, all of whom have worked tirelessly to bring this stunning destination to fruition.”
Pendry San Diego is in close proximity to the San Diego Convention Center and Petco Park. The property is located at 550 J Street in San Diego, California.