JLL Arranges $430M Refinancing for Fairmont Austin Luxury Hotel
Slice of Real Estate Team
07/10/2024
Key Highlights:
- JLL Capital Markets secures $430M refinancing for Fairmont Austin.
- Goldman Sachs acts as lead manager and sole bookrunner.
- Refinancing replaces $300MM senior loan and $125MM mezzanine debt.
- Fairmont Austin features 1,048 guestrooms, 140,000 sq ft of meeting space, and five dining outlets.
- Strategic location near Austin Convention Center and entertainment areas.
Source (PR Newswire)
Quotes
“ "This significant financing, facilitated by JLL and Goldman Sachs, underscores our commitment to delivering exceptional hospitality experiences through our 100% ownership of the hotel." ”
Papa Doug Manchester, Chairman at Manchester Financial Group
Our Take:
The refinancing of Fairmont Austin by JLL's Capital Markets group highlights the strength and resilience of prime real estate assets even in a challenging debt environment. The luxury hotel, with its strategic location and extensive amenities, stands as a testament to Austin's burgeoning growth and appeal. The involvement of industry giants like Goldman Sachs underscores the confidence in this property's continued success. This move not only secures the hotel's financial stability but also sets the stage for further enhancements, ensuring it remains a top destination in Austin's competitive hospitality market.
