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Friday, Aug 12, 2022

Hollywood’s Hyatt Hotel Nue Lands $27 Million Loan

Columbia Pacific Advisors has given a $27 million construction completion bridge loan to the owners of the Hyatt Hotel Nue in Hollywood.

The hotel is under development at 1525 N. Cahuenga Blvd. and is owned by S3D Partners.

“We are very pleased to have closed on our financing with Columbia Pacific Advisors. In spite of the challenges imposed by COVID, the Columbia Pacific team recognized the unique opportunity presented by this project and worked tirelessly with our team to close this loan. We look forward to embarking on this journey together and are thrilled to bring this high quality, modern boutique hotel to Hollywood later this year,” Jayesh Kumar, chief executive of S3D Partners, said in a statement.

Once completed, the property will hold 64 guest rooms, a ground floor lobby and restaurant, rooftop bar, lounge and pool area and underground parking.

It will be part of the Hyatt Unbound collection.

“Luxury boutique hotels that focus primarily on leisure-driven markets have generally fared better and are expected to recover sooner than properties that are more reliant on convention or group revenue,” Eric Jordan, senior vice president of Real Estate Lending at Columbia Pacific Advisors, said in a statement.

“With cities returning to normal and travelers planning for life back on the road, the Hyatt Hotel Nue should benefit from these trends due to its focus on tourists and locals and its well-timed opening targeted for the end of the year,” he added.

S3D Partners is a family-run business. It owns or has an interest in 12 other hotels in California and Texas.

Despite the pandemic, Hyatt Hotel Nue isn’t the only hotel underway this year.

Earlier this year the Pendry complex, with hotel and condominium components, opened at the former House of Blues site on the Sunset Strip.

Farther west, the new Hilton Santa Monica also opened earlier this year. The hotel, which has 286 guest rooms including 211 suites, was formerly a Double Tree with 253 rooms.

Hilton broke down some presidential suites and moved the lounge to create the additional rooms.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans covers real estate for the Los Angeles Business Journal. A USC grad, Madans has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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