Latest news: 2 Santa Monica refis; YTL adds in Thailand; new CIO at First Hospitality

Refinance of Santa Monica hotels. Edward and Thomas Slatkin, who run Beverly Hills, California-based Edward Thomas Collections, have secured a $400 million CMBS refinance of two hotels in Santa Monica, California: 198-key Shutters on the Beach and the 129-key Casa del Mar Hotel by the Sea, according to multiple sources. The refinance includes a $280 million first mortgage loan and a $120 million mezzanine loan. According to R.W. Baird, the refinancing repaid $430 million of floating-rate CMBS debt that originated in 2018 and the Slatkins contributed $47.5 million of equity. Both hotels have been under renovation recently, which has hurt their financial performance.

YTL adds in Thailand. Kuala Lumpur, Malaysia-based YTL Group has acquired the former Evason Phuket resort in Thailand from Singapore-based AF Global Ltd. for approximately THB1.6 billion ($44.2 million). The resort closed in 2012 and was sold to L.C. Development for THB1.4 billion. It has been sold several times with redevelopment plans to turn it into an InterContinental or Fairmont resort, but none of the plans have materialized. YTL plans a redevelopment of its own on the property.

First Hospitality’s CFO transitions to CIO. Chicago-based First Hospitality said its CFO Roger Baker is transitioning to a new role as chief investment officer and advisor. Baker has more 40 years of experience in the real estate industry, including 16 years with First Hospitality. Matt Schuster stepped into the CFO role in April. Before joining First Hospitality, Schuster spent over five years in leadership roles at Club Quarters Hotels, where he most recently served as CFO.

IHG adds in Budapest. IHG Hotels & Resorts opened its first boutique luxury hotel in Budapest, Hungary, with the 127-key Kimpton BEM Budapest.

Loadstar subsidiary acquires 6 in Japan. Japan-based Loadstar Capital K.K.  is investing in LD1 Godo Kaisha through Tokumei Kumiai Investments to make it a consolidated subsidiary of Loadstar that will acquire six hotels from an undisclosed seller and operated by Hiramatsu Inc., according to HVS. LD1 Godo Kaisha will be borrowing approximately JPY 17 billion from three different banks to fund the acquisition.