$26M Loan Funds Hotel Purchase

VENTURA, CA-Beverly Hills-based Integrated Capital has secured a $26.4-million acquisition loan from Pacific Coast Capital Partners of El Segundo to buy the 286-room Marriott Ventura Beach. The property is an upscale hotel, at 2055 Harbor Blvd. in what Jennifer Diaz of PCCP describes as "a dynamic coastal market."Diaz, a VP with PCCP, notes that the acquisition marks the El Segundo-based debt and equity capital provider's second loan with Integrated Capital. In 2004, PCCP provided the company with a mezzanine loan for the acquisition of two Doubletree Hotels in Bakersfield and Modesto.That loan is performing well and the hotels are operating at or above expectations, according to Diaz. She adds that Integrated Capital plans to renovate the interior spaces at the Marriott Ventura Beach, including individual room upgrades and improvements to common areas and the exterior.The hotel sits on 6.9 acres and is two blocks from the beach along Interstate 101. It was built in 1987. In addition to the main hotel, it features a four-level parking structure, a swimming pool, a hot tub, a restaurant, a bar and lounge, 20,000 sf of meeting rooms, ballrooms, retail shops, exercise room and guest laundry facilities.Adjacent to the hotel is the largest coastal park in the region, San Buenaventura State Beach, which includes the Ventura pier that stretches out into a coastal surge that has made the area popular among surfers. The state beach park offers hotel guests access to walking and bicycle paths along the beach.Integrated Capital is a private equity real estate group with a focus on hospitality, office, industrial and residential real estate. Since inception in 2004, it has closed on more than $135 million of real estate transactions.