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Public Hotel West Hollywood lands $116.5M bridge debt refi
The 137-key hotel, on Sunset Boulevard, is set to open in September after a ground-up renovation and a prior $112.5 million acquisition in early 2023.
Hoteliers Ian Schrager and Ed Scheetz have secured $116.5 million in bridge debt to refinance the Public Hotel West Hollywood, a Los Angeles property preparing for its Hollywood debut. Driftwood Capital and Benefit Street Partners provided the loan, with the hotel scheduled to open on the Sunset Strip in September.
The project is located at 8300 Sunset Boulevard on the former site of The Standard Hotel, which closed before the pair redeveloped the property. Schrager and Scheetz acquired the site for $112.5 million in early 2023, according to the report.
Cushman & Wakefield negotiated the financing, working with a team led by Rob Rubano, JP LeVeque, and Joe Lieske. Rubano said the asset quality and sponsorship helped drive strong financing execution, positioning the property for long-term success as interest in the Sunset Strip returns.
The 137-key hotel has undergone a ground-up renovation since the purchase, including redesigned guest rooms and suites, plus new amenities such as a rooftop deck and a nightclub. The article did not include comments from Schrager, Scheetz, Driftwood Capital, or Benefit Street Partners.