Quantcast

Monday, July 28, 2014         

 Print   Email   Comment | View 0 Comments   Most Popular   Save   Post   Retweet

Goldman Sachs loans $1.85B to Kyo-Ya

By Nadja Brandt

Bloomberg News

POSTED:

star-advertiser / 2010The Sheraton Waikiki is one of several hotels owned by Kyo-Ya Hotels & Resorts.

Goldman Sachs Group Inc. provided $1.85 billion in new debt for hotels owned by Kyo-Ya Hotels & Resorts LP, including the Sheraton Waikiki and the Palace Hotel in San Francisco.

The debt, provided by Goldman Sachs Mortgage Co., includes first mortgage and mezzanine loans, the New York-based company said in a statement Tuesday.

Cerberus Capital Management LP, which owns Kyo-Ya, was seeking in May to replace debt amassed in 2006, three people familiar with the transaction said at the time. A deal struck with Goldman Sachs failed to close last year.

Five of the Kyo-Ya hotels are in Hawaii, including the Westin Moana Surfrider and Sheraton Princess Kaiu­lani in Hono­lulu. Oahu has been outperforming other U.S. markets. This year through September, hotel occupancies on the island climbed to 86 percent, the highest of 25 U.S. markets tracked by Smith Travel Research Inc., based in Hendersonville, Tenn. That's up from 81 percent a year ago, the firm said.





More From The Star-Advertiser

Whalers Village loan refinanced




 Print   Email   Comment | View 0 Comments   Most Popular   Save   Post   Retweet

COMMENTS
(0)
You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
IN OTHER NEWS
Latest News/Updates
Blogs