W Hotel Gets Refi Package
The iconic pie wedge just got an infusion of new capital. The owners of the W Hotel in Downtown San Diego got a $31.2M senior refi loan from PCCP. The 258-room hotel, near the San Diego Convention Center and the Gaslamp district, was developed in 2002, and features the Kelvin restaurant, The Rooftop Bar and 16k SF of meeting space. Rockpoint Group and SCS Advisors purchased the hotel in 2011 and have put the building through a number of capital improvements, including renovated guest rooms. The refi gives the owners more wiggle room to "create additional value," says PCCP's Mike Johnson.