A boutique hotel in Burbank is headed for a makeover after securing crucial funds. Nimes Real Estate will receive $55 million of bridge financing to recapitalize the Hotel Amarano Burbank-Hollywood, Commercial Observer reported. Beverly Hills-based Nimes secured the three-year, floating-rate loan with two 12-month extension options from Atlanta-based Peachtree Group. Nimes bought the 132-room hotel at 322 North Pass Avenue in 2019 from Pebblebrook Hotel Trust, dropping $72.9 million on the property, before completing a multimillion-dollar renovation. The hotel, under Nimes’ ownership, faced business challenges from the onset of the pandemic in early 2020 and the five-month Writers Guild of […]
This article originally appeared on The Real Deal. Click here to read the full story.
Powered by WPeMatico