RobertDouglas Advises Hospitality Resorts on CAD$213 Million Financing for Two Niagara Falls Hotels
RobertDouglas Advises Hospitality Resorts Inc. on a CAD$213 Million Financing for the Hilton Niagara Falls / Fallsview Hotel and Suites in Niagara Falls, Ontario
New York, NY -- RobertDouglas announced today that it has advised Hospitality Resorts Inc. on a CAD$213 million refinancing of the 1,006-key Hilton Niagara Falls/Fallsview Hotel and Suites, located in Niagara Falls, Ontario. Hospitality Resorts Inc. is a privately-owned hotel investment, development and management company that has been active in the Niagara hotel and restaurant businesses for more than 40 years. The fixed-rate, fifteen-year financing, one of the largest single hotel financings ever in Canada, was provided by Pacific Life.
The proceeds of the financing will be used to fund significant new improvements to the hotel, including adding 81 new guestrooms, expanding and renovating the lobby, creating an enclosed, roof-top pool with views of the Falls, expanding the restaurant space of the Hotel, adding high-end retail, and helping to underwrite the development of a 5,000 seat theater connected to the Hotel and to the Fallsview Resort.
"The Niagara Falls market has been one of the strongest-performing markets in North America during the past three years," observed David Smith, Director at RobertDouglas, "and the ownership continues to re- invest in the Hilton Fallsview to solidify its position as the market's dominant corporate and leisure property."
"The management team at Hospitality Resorts is committed to making the Hilton Fallsview the heart of a larger entertainment/resort complex. The investments they are making in the Hotel's restaurants, guestrooms, public spaces and, most importantly, the addition of a new theater complex will pay dividends for years to come," remarked Douglas Hercher, Managing Director at RobertDouglas." Ultimately, it was the strength of their ownership and management that made this financing possible."
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry's pre-eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact [email protected] douglas.com or go to www.robert-douglas.com.
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