Knighthead Funding originates $61m loan to refinance Puerto Rico resort
Knighthead Funding has provided a $61m first mortgage loan secured by Dorado Beach, a Ritz-Carlton Reserve in Dorado Beach, Puerto Rico.
The 5-year, floating-rate, non-recourse loan from Knighthead Funding refinances maturing debt.
Opened in 2012 Dorado Beach, a Ritz-Carlton Reserve (pictured), is situated in the exclusive gated neighborhood of Dorado Beach, on the former Laurence Rockefeller estate, on Puerto Rico’s Atlantic Coast.
The resort features 114 beachfront guest rooms and suites, and a five-bedroom, 8,600-square-foot, Presidential Villa.
Amenities include two championship golf courses, beach club, multiple swimming pools, four restaurants, five-acre botanical spa, fitness center, retail stores and 5,000 square feet of indoor and outdoor meeting spaces.
Knighthead Funding Principal Jonathan Daniel, who led the origination team, said: “Despite displacement and impact from external factors, the hotel has been able to maintain one of the highest average daily rates (ADR) in the region.”
“In its short history, the property has yet to reach its full potential. As market conditions start to improve, we project increases in both ADR and RevPAR, especially as high-end group business returns.”