Stockdale Capital Completed REFI of Two Aloft Hotels
Stockdale Capital Partners, a vertically-integrated real estate investment firm based in Los Angeles, announced the successful refinancing of Aloft hotels in Silicon Valley and Tempe, AZ. The financing was secured through the Phoenix, AZ office of MidFirst Bank, an Oklahoma City, OK-based portfolio lender. Terms of the financing were not disclosed.
The Aloft Silicon Valley in Newark, CA is a 172-room full service, all-suite Aloft Hotel acquired by an affiliate in December 2012. The owner completed a full renovation and conversion to the Aloft brand, reopening the hotel in March 2013. The hotel sits next to the 1.4 million square foot Pacific Research Center, a major lifescience and technology campus owned by Biomed Realty.
The Aloft Tempe is a 136-room hotel developed by Stockdale and opened in 2009. The property is close to a 2 million square foot regional campus currently in the final stage of development for State Farm Insurance and is within a few miles of the Arizona State University campus, downtown Tempe and Sky Harbor International Airport.
Stockdale’s founding principals Steven Yari and Shawn Yari have a long and successful history in the hospitality industry. Together, they have developed or converted several hotels in the western U.S. including the highly successful W Scottsdale Hotel in downtown Scottsdale. When constructed in 2007, the W Scottsdale was the first full-service hotel to be built in Scottsdale for 20 years and the first
affiliated with the W brand in Arizona. It now anchors Scottsdale’s Downtown Entertainment District, a vibrant live-work-play neighborhood envisaged and developed by Steven and Shawn Yari which includes the 126-room Aloft Scottsdale Hotel fully renovated and converted by Stockdale Capital in 2016.
Over the last 10 years, the firm has continued to build a significant presence in western U.S. real estate markets via direct investing, commercial development and through several programmatic joint ventures on behalf of institutional partners. Also last year, Stockdale Capital Partners formed a $100M venture with an unnamed investor to acquire medical office buildings in Los Angeles and a $75M partnership with private equity fund Siguler Guff for value-add investments across the Southwest. Both programs have announced acquisitions since launching. In September 2016, the firm announced a major venture with London-based Grosvenor Group and San Diego’s Ace Parking to acquire and own parking assets across the Southwest.
The venture closed on its first acquisition, in San Francisco, this week.