DENVER, CO AND LOS ANGELES, CA -- Mesa West Capital has provided DiNapoli Capital Partners with $22.5 million in first mortgage debt to refinance the historic, nine-story, 110-room Hotel Teatro in Denver, CO.
Situated one block from the Colorado Convention Center, two blocks from Larimer Square and the 16thStreet Mall, and across the street from the Four Seasons Denver, the Hotel Teatro benefits from its prime location in Denver’s Central Business District.The historic building was constructed in 1911 as the executive offices of the Denver Tramway Company and underwent a substantial $20.6 million conversion to hotel use in 1999 in order to modernize its design and operating systems while retaining its historic charm. The hotel features luxury guest rooms with 4 and 5-fixture bathrooms and over 4,400 square feet of meeting space.
DiNapoli Capital Partners acquired the hotel in 2006 and Mesa West’s loan will be utilized to refinance the existing first mortgage. Additionally, proceeds from the loan will provide DCP with further capital to execute a renovation plan that includes upgrades to the hotel.
“Hotel Teatro is a well-located, high-quality asset with a recognized brand within the Denver hotel market,” said Mesa West Principal Ronnie Gul who originated the financing.“DiNapoli Capital Partners has demonstrated success in the acquisition, development and management of independent and flagged hotels and we are pleased to be working with them again on our second transaction.” Mesa West previously financed the Hyatt Regency San Francisco for DiNapoli.
The financing was arranged by Brad Zampa and Nathan Elliott of CBRE Capital Markets.
About Mesa West Capital, LLC
Los Angeles-based Mesa West Capital (www.mesawestcapital.com) is a privately held portfolio lender with a current capital base of approximately $3.5 billion. Mesa West has an established debt platform that continues to provide flexible and reliable capital for real estate acquisitions, re-financings and re-capitalizations on office, retail, industrial, multifamily and hotels in the United States.