LOS ANGELES, California—Oxford Capital Group, LLC announced the recapitalization of its construction debt and equity at its newest California-based hotel property, The Godfrey Hotel Hollywood, including senior debt from Alliance Bernstein and preferred equity from Related Fund Management. On the heels of its first full year in Los Angeles, The Godfrey Hotel Hollywood—a 220-room hotel with the SoCal-centric restaurant and bar ALK; a courtyard event space with seven adjacent hospitality suites; and the 12,000 square foot I|O rooftop with a 70-foot projection mapping video wall, two bars, swimming pool, fire pits, and water feature—will continue to be sponsored and managed by Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC, respectively. After opening its doors in August 2021, The Godfrey Hotel Hollywood is Oxford’s 10th California property, and 12th in the western region.
“We are excited not only to see continued institutional interest in our growing portfolio of lifestyle brands and assets nationwide but also to have recapitalized our construction capital stack with two world-class firms shortly after successfully developing and opening the property,” said Sarang Peruri, chief operating officer of Oxford Capital Group, LLC and Partner of Oxford Hotels & Resorts, LLC.
John W. Rutledge, founder, chairman, and CEO of Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC, added, “In this time of capital market volatility and inflation, closing a complex recapitalization of this nature was gratifying. This successful transaction is a testament to the resilience and growth prospects of Los Angeles and the dynamism of the Hollywood submarket.”
Michael Straw from Hodges Ward Elliott, who advised on the transaction, noted, “Despite a challenging capital markets environment, the operational expertise of Oxford Capital Group combined with the asset quality of The Godfrey Hotel created a competitive landscape for the senior debt. Alliance Bernstein’s strength in the hospitality lending space uniquely positioned their platform to provide a strategic loan.”
