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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Advises on the Financing of the Homestead Resort in Hot Springs, Virginia |
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Wednesday, July 11, 2012
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New York, NY
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Cushman & Wakefield announced today that it advised affiliates of KSL Capital Partners (“KSL”), the owners of The Homestead Resort, in the financing of the hotel with BB&T Co. The property was previously unencumbered by debt.
Located on 3,000 picturesque acres in the Allegheny Mountains of western Virginia, the resort was ranked in the World’s Best Hotels from Travel + Leisure (2012), and had the #1 golf course in Virginia in according to Golfweek (2012). The National Historic Landmark features an extensive array of more than 30 recreational amenities including championship golf courses, an award-winning spa with natural hot springs, a 45-acre ski resort, an equestrian center, and a shooting club. The property is currently undergoing a $25 million renovation that will expand its amenity base with the addition of the nation’s first mountain spring themed water feature with water slides, a lazy river, and heated pool, and adults-only spa garden with geothermal springs, river reflexology walk, spring-fed pools and Finnish sauna.
Cushman & Wakefield’s Jared Kelso and Ernest Lee represented KSL in the transaction. “We were excited to be able to support KSL in their financing efforts,” said Jared Kelso, a Cushman & Wakefield Managing Director of the firm’s Global Hospitality Group. “The Homestead has accommodated generations of guests and is well positioned for continued success under the stewardship of KSL.”
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Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $5.5 billion in assets under management through its wholly-owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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