Japanese Banks Make Loan for Hotel Project

The Beverly Wilshire Hotel has obtained $130 million in project financing of from the Los Angeles offices of Japanese banks. The entire loan package totaled $155 million that included a $25-million line of credit.

The landmark hotel is undergoing major renovation, scheduled for completion by the end of the year. It involves a reduction in the number of rooms from 450 to 383, with the intent of creating a more luxurious facility.

The property was recently purchased by a group of international companies, including Regent International Hotels Inc, Hong Kong; Aoki Corp., Japan, and P. T. Permadani Khatulista Nasantara, Indonesia.

The Los Angeles office of the law firm of Lillick McHose & Charles represented the lead lenders in the group, the Kyowa and Fuji banks.