Los Angeles, CA – October 3, 2018 – Canyon Partners Real Estate LLC® (“Canyon”) has provided a $49.0 million senior loan to finance the development of a 5-story, 200 room, Hyatt House Hotel located on the University of Southern California Health Sciences Campus (“USC HS Campus”) in Los Angeles which is being developed by an affiliate of The Mayer Corporation.
The Hyatt House Hotel will be the only hotel within the USC HS Campus, providing approximately 18,000 square feet of conference center space and 14,000 square feet of neighborhood-serving retail programmed for fast-casual restaurants. The project is well-positioned to provide an upscale, extended stay hotel experience for the USC HS Campus, offering hotel amenities including a fitness facility, pool and spa, valet laundry service and Hyatt House concept “H-Bar” lobby bar. Room amenities will include kitchenettes with microwaves, electric stove tops, and refrigerators, as well as complimentary wireless internet. The Hyatt brand offers guests access to an established loyalty program and the project will be supported by Hyatt’s extensive reservation system.
Canyon has a long track record of deploying capital in hospitality investments, focusing on providing capital for the development or repositioning of branded hotels with 100+ keys in primary and secondary US markets. Over the past five years, Canyon has made approximately $300 million of debt and equity investments, supporting the financing of approximately $700 million of hospitality assets nationwide.
“The synergistic partnership between The Mayer Corporation and Canyon was a natural fit,” said Bob Mayer lll, President of The Mayer Corporation. “We believe the diverse set of experiences each firm brings to the project will result in a one-of-a-kind, extended stay hotel experience for the USC HS Campus.”
Located three miles northeast of Downtown Los Angeles, the USC HS Campus is a leading, nationally-recognized medical campus that supports nearly 4,000 staff and faculty members, 1,200 students, and over 18 medical and health-related research centers, including the USC Keck School of Medicine, the USC Norris Cancer Center, and the Eli & Edythe Broad Center.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with $24.6 billion in assets under management. Over the last ten years, Canyon has invested more than $4.5 billion of debt and equity capital across 160+ transactions capitalizing approximately $11 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 27 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts).
For more information visit: www.canyonpartners.com.
About the Mayer Corporation
The Mayer Corporation has extensive experience in entitling land for hotel use, obtaining construction and permanent financing, managing all phases of construction and furnishing, and providing daily hotel management. For more than 60 years, three generations of the Robert L. Mayer family have earned a reputation for development and operating expertise through a broad range of real estate development and operating projects.The family's history includes the financing and development of more than 25,000 residential units, numerous commercial projects and the construction and operation of fourteen hotels, including the 517-room Hyatt Regency Huntington Beach Resort & Spa and the recently-expanded 437-room Hilton Waterfront Hotel, both of which continue to be owned by the Mayer Corporation.
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