Investment Highlights
Keauhou Bay Resort
Hawaii, HI
In 2004, Canyon Capital Realty Advisors provided a $57 million, 33-month first mortgage loan to a Kia Hotels LLC to facilitate the comprehensive redevelopment plan of the former Kona Surf Hotel on the Kona Coast of Hawaii.
In addition to the mortgage loan, Canyon assisted in providing construction bonding and construction-related title insurance coverage. Canyon was also able to underwrite and close the transaction, which included further revisions to the ground lease, within four weeks.
The 530-room hotel is located on 26 acres of oceanfront property, and was repositioned and reopened in April 2005 as the Sheraton Keauhou Bay Resort after a 2 year, $70 million renovation. The hotel was the first hotel to open on the Big Island in nearly 10 years.
