Brokerage services provider Holliday Fenoglio Fowler (HFF) has announced $155m in construction financing for the development of two oceanfront hotels in Oceanside, California, US.
Holliday Fenoglio Fowler is working on behalf of the developer S. D. Malkin Properties. It placed the financing with Bank OZK and an East Coast-based institutional investor.
Featuring 387 rooms together, the two hotels will be developed over a 2.75-acre, two-block site located along Mission Avenue and North Pacific Street.
They will have immediate access to the beach and their location in Oceanside places it central to several of Southern California’s attractions such as Disneyland, Legoland, Sea World and the San Diego Zoo.
Destination Resorts will operate one of the hotels that will feature 226 rooms, while the other one with 161 rooms will be operated by Joie de Vivre.
Amenities offered by the hotel operated by Destination Resort include a restaurant, indoor/outdoor lounge, pool with ocean views, spa and more than 20,000ft² of meeting and event space.
The hotel operated by Joie de Vivre hotel will feature a rooftop pool and bar, a restaurant, public garden and 3,000ft² of retail space.
Additionally, a local icon commonly known as the ‘Top Gun’ house will be completely renovated and opened to the public.
The HFF team representing the borrower included senior managing directors Timothy Wright and Scott Hall, director Olga Walsh and analyst Aaron Lapping.
Wright said: “The beachfront hotels will be distinctive but complementary, providing a full-service and boutique experience in downtown Oceanside’s burgeoning retail, restaurant and entertainment district.”