Alpha Wave Investors Successfully Completes Refinancing of its AWI Pac Three Hotel Portfolio
LAGUNA BEACH, Calif. (August 20, 2024) – Alpha Wave Investors (AWI) is pleased to announce the successful refinancing of its AWI Pac Three hotel portfolio, which includes the iconic Salishan Coastal Lodge by SCP, the SCP Colorado Springs Hotel, and the SCP Depoe Bay Hotel. The combined $36.6M, blended 7.67% interest rate financing has resulted in higher proceeds and favorable amortization terms despite challenging credit market conditions. Proceeds from this refinancing will fund further competitive upgrades across the AWI Pac Three portfolio aimed at driving continued growth and excellence in guest satisfaction and operational efficiency. JS Coats Capital, LLC helped arrange the refinancing.
"We are grateful to our long-time strategic lending partner, Sunwest Bank, and to our new tactical lending partner, Edgewood Capital Advisors, for their solution-oriented approach to this refinancing," said Ken Cruse, founder and CEO of Alpha Wave Investors and Soul Community Planet (SCP). "While hotel credit markets remain highly constrained, the solutions provided by both lenders are a testament to their commitment to the success of their borrowers and their entrepreneurial mindset. The AWI Pac Three hotel portfolio has seen a material improvement in guest satisfaction, revenue, and profitability under AWI’s ownership and SCP’s brand and management. This new financing will support the portfolio’s continued growth by enabling additional competitive upgrades and service enhancements."
Carson Lappetito, President of Sunwest Bank, said, "Our partnership with Alpha Wave Investors and Soul Community Planet showcases our dedication to providing financial solutions that support the long-term success of our partners. We are eager to witness the positive impact this refinancing will have on the portfolio and look forward to continued collaboration with AWI and SCP."
"Edgewood is proud to have worked closely with Alpha Wave Investors and Sunwest Bank to close this transaction. The refinancing showcases our ability to navigate complex market conditions and deliver results that benefit all stakeholders involved," added Thomas McDevitt, Founder and Managing Partner of Edgewood Capital Advisors.
The AWI Pac Three hotel portfolio has seen significant improvements in guest satisfaction, revenue, and profitability under Alpha Wave Investors' ownership and following the conversion of each hotel to the Soul Community Planet (SCP) brand. This refinancing, combined with a continued focus on operating excellence and strong consumer trends in support of the SCP brand, is expected to drive above-market performance for each hotel.
About Alpha Wave Investors: Alpha Wave Investors is a dynamic investment firm focused on acquiring and repositioning real estate assets in key markets. With a commitment to creating value through innovative strategies and a dedication to operational excellence, Alpha Wave Investors continues to deliver strong results across its portfolio.
About Soul Community Planet: Soul Community Planet (SCP) is a world-class hotel brand and management platform. SCP was born out of a vision to make the world around us a better place by serving those who value wellness, kindness, and the environment. SCP provides holistic hospitality experiences that align with the values of conscious consumers. With a growing collection of hotels, SCP is committed to creating positive impacts on the community and the planet through its “Every Stay Does Good” program and sustainable business practices.
About Sunwest Bank: Sunwest Bank is a privately held commercial bank with over $3.0 billion in assets. They are an entrepreneurial solutions-driven company with a long tradition of providing solid relationships and excellent service to entrepreneurs, privately held corporations, family offices, small businesses, and real estate developers throughout the United States.
About Edgewood Capital Advisors: Edgewood Capital Advisors specializes in providing entrepreneurial capital solutions in challenging markets, with a focus on long-term value creation.
About JS Coates: JS Coats Capital, LLC is one of the fastest growing, full-service, commercial real estate finance firms in the Pacific Northwest.
Contact:
scphotels@thepointpr.com
818-489-9381
About Soul Community Planet
Laguna Beach, Calif.-based Soul Community Planet was born out of a vision to provide holistic hospitality experiences for individuals desiring to make positive choices for themselves, our communities, and the planet. SCP provides clean, fresh, energy-efficient, low-waste accommodations, fitness, and coworking. SCP supports a range of causes that align with its vision through its Every Stay Does Good program and by donating five percent of its profits to causes that share its core values. For more information, visit scphotel.com.