OXFORD CAPITAL GROUP, LLC ANNOUNCES THE SUCCESSFUL RECAPITALIZATION OF THE GODFREY HOTEL HOLLYWOOD, THE BRAND'S FIRST WEST COAST LOCATION
LOS ANGELES, Aug. 18, 2022 /PRNewswire/ -- Oxford Capital Group, LLC announces today the successful recapitalization of its construction debt and equity at its newest California-based hotel property, The Godfrey Hotel Hollywood, including senior debt from Alliance Bernstein and preferred equity from Related Fund Management. On the heels of its first full year in Los Angeles, The Godfrey Hotel Hollywood—a 220-room luxury lifestyle hotel with the SoCal-centric restaurant and bar ALK; a courtyard event space with seven adjacent hospitality suites; and the 12,000 square foot I|O rooftop (Hollywood's largest rooftop space), featuring a 70-foot projection mapping video wall, two bars, swimming pool, fire pits and water feature—will continue to be sponsored and managed by Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC, respectively. After opening its doors in August 2021, The Godfrey Hotel Hollywood is Oxford's 10th California property, and 12th in the Western region.
"We are excited not only to see continued institutional interest in our growing portfolio of lifestyle brands and assets nationwide, but also to have recapitalized our construction capital stack with two world class firms shortly after successfully developing and opening the property," says Sarang Peruri, Chief Operating Officer of Oxford Capital Group, LLC and Partner of Oxford Hotels & Resorts, LLC.
John W. Rutledge, founder, chairman, and CEO of Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC, adds: "In this time of capital market volatility and inflation, closing a complex recapitalization of this nature was gratifying. This successful transaction is a testament to the resilience and growth prospects of Los Angeles and the dynamism of the Hollywood submarket."
Michael Straw from Hodges Ward Elliott, who advised on the transaction, noted, "Despite a challenging capital markets environment, the operational expertise of Oxford Capital Group combined with the asset quality of The Godfrey Hotel created a competitive landscape for the senior debt. Alliance Bernstein's strength in the hospitality lending space uniquely positioned their platform to provide a strategic loan."
Located in the vibrant heart of Southern California's most iconic neighborhood, The Godfrey Hotel Hollywood sits one block south of Sunset Blvd. and is a short walk from many of the region's most sought-after destinations. This includes the famed Hollywood Bowl amphitheater, Universal Studios, the Capitol Records building, the Hollywood Walk of Fame, Grauman's Chinese Theatre, the Hollywood Pantages Theatre, and more. With art fabricated by Los Angeles native artist Nick Petronzio in partnership with curator Kevin Barry Fine Art, interior designer The Gettys Group and architect Steinberg Hart, this all-new 220-room hotel embodies the energy of—and in a way defines—new Hollywood. It arrived at an exciting time for the neighborhood as major entertainment, tech, and creative houses now call the area home including Netflix, Live Nation, Fender, and Buzzfeed. Locals and visitors alike enjoy the property's SoCal-centric restaurant and bar ALK and the 12,000 square foot I|O rooftop, featuring a 70-foot projection mapping video wall, two bars, swimming pool, fire pits and water feature. The Godfrey Hotel Hollywood is Oxford Hotels & Resorts 10th hotel in California and 12th in the western region. To learn more about The Godfrey Hollywood, visit www.godfreyhotelhollywood.com, or follow along @godfreyhotelhollywood on Instagram.
SOURCE The Godfrey Hotel Hollywood
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