Rockbridge Capital granted $38 million of interim first mortgage leasehold financing for the 161-room Portofino Hotel & Marina in Redondo Beach.
The five-year, floating-rate, LIBOR-based loan replaces maturing finance. Property records show a $16.2 million loan from Preferred Bank from a year and a half ago.
Noble House Hotels & Resorts owns the Portofino Hotel at 260 Portofino Way. The estate holds a 181-slip marina and 19 apartments, as well as a restaurant, lounge, lobby bar, meeting and event space, outdoor pool, fitness center, and more.
Sonnenblick-Eichner Company arranged the financing.
Countless people are traveling this year, and Rockbridge’s loan shows supported faith in hospitality coming out of the pandemic, which is especially unusual after COVID-19’s mostly outsized impact on hotels.
Trepp data shows that year-end occupancy was similar to 2019 rates for all property varieties except for lodging, which fell from 75%to 48%. For comparison, retail and multifamily occupancy both ended 2020 at about 93%.