AIG loan refinances San Diego hotel

AIG Investments has provided a $140m, 15-year fixed rate loan to TRT Holdings and JMI Realty for the refinancing of the Omni San Diego hotel in San Diego, California.

The 200,000 sq ft, 511-room convention center hotel is located at 675 L Street in downtown San Diego’s Gaslamp Quarter, across the street from the San Diego Convention Center. The 21-floor hotel, built in 2004 and renovated in 2013, also features a McCormick & Schmick’s Seafood Restaurant, Terrace Bar & Grill, an 8,000 sq ft rooftop terrace and 27,000 sq ft meeting space. Its 11 floors featuring 36 condominiums are not part of the financing.

Dallas, Texas-based TRT Holdings’ assets include Omni Hotels & Resorts, Gold’s Gym International and Tana Exploration; while developer JMI Realty manages a real estate investment portfolio valued at approximately $600m and is the master developer of San Diego’s Ballpark District. HFF represented the borrowers.