Hawaii’s biggest hotel operator receives $116 million loan

WAIKIKI, Hawaii. — Prudential Mortgage Co., the Newark, N.J.-based division of Prudential Insurance Company of America, has supplied a $116 million mortgage loan for five Waikiki hotels owned by Outrigger Enterprises, which is the largest hotel owner and operator in Hawaii. Outrigger received the mortgage refinancing in three separate loans: a $72.3 million loan for the 883-room Outrigger Reef Hotel, a $23 million loan for the 439-room OHANA Waikiki Tower Hotel and a $21 million loan on three smaller hotels.

The Denver office of New York-based Sonnenblick-Goldman Co. arranged the transaction. The 10-year loans carry a 25-year amortization schedule.