Brian Brodeur, a senior vice president at Corus Bank, says the property is one of the few full-service hotels in the area. It will be managed by Sunstone Hotel Investors, an experienced operator of Marriott Hotels. Brodeur says Corus liked the deal because of the relatively stable performance of the Ontario market and its existing relationships with Westbrook and Sunstone.
The transaction is the second between Corus and Westbrook involving a Southern California Marriott property in the past month. In the earlier transaction, Corus Bank provided a $50-million loan to Westbrook to finance the acquisition of the 17-story, 463-room Marriott Warner Center in Woodland Hills. That property also will be managed by Sunstone Hotel Investors.
Corus Bank is held by Corus Bankshares Inc., a one-bank holding company that is also based in Chicago. The bank specializes in commercial real estate loans for hotels, condominiums, offices and apartments, with outstanding commercial real estate loans and construction commitments totaling approximately $2.6 billion.
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