Steven Witcoff of Witcoff Group, at left, and Howard Lorber of New Valley Group
Witkoff Group and New Valley Group secured a $300 million refinancing on their West Hollywood condo and hotel project, as the neighborhood continues to see an influx of high-end developments.
Deutsche Bank and South Korean investment bank Mirae Asset Daewoo provided financing for the West Hollywood Edition, according to Commercial Observer. The 13-story luxury hotel and condo development is on the Sunset Strip off Doheny Drive, at 9040 Sunset Boulevard.
The development includes a 190-room hotel, 20 condominiums, more than 11,000 square feet of meeting space, about 16,500 square feet of terrace space, a private rooftop pool, fitness center and bar. The hotel will operate under the Marriott International brand.
The luxury condos debuted in January, and a full opening is expected in the fall. The project marks Witkoff Group CEO and founder Steven Witkoff’s first development in Los Angeles.
New Valley is run by CEO Howard M. Lorber, who is also CEO of parent company Vector Group.
Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Chris Kramer arranged the financing.
Cornerstone provided the construction financing.
In West Hollywood, CIM Group is planning to build a 100-foot mixed-use complex with 85 hotel rooms, and Northwood Investors scored a $165-million loan in February to refinance the 226-room London West Hollywood. [Commercial Observer] — Gregory Cornfield