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SANTA MONICA, CA-Owners of the historic Casa del Mar luxury hotel have secured $48 million in refinancing for the 129-room property, according to Holliday Fenoglio Fowler.

Scott McMullin of Holliday Fenoglio says Bank of America provided the loan for the 128,567-sf hotel, which is located at 1910 Ocean Ave. on the beach and near the Santa Monica Pier, and is owned by ET Whitehall Seascape LLC. The financing is an adjustable-rate, securitized loan through Bank of America. The members of ET Whitehall Seascape LLC are The Edward Thomas cos. of Salt Lake City and Whitehall Street Real Estate Limited Partnership IX, along with certain affiliates.

The Edward Thomas Cos., founded in 1932, also own the hotel adjacent to Casa del Mar, Shutters on the Beach. The Edward Thomas Hospitality Corp manages the Casa del Mar. The hotel features restaurants, a pool and Jacuzzi, spa and health club, 5,100 sf feet of flexible meeting and banquet space ranging from boardrooms to ballrooms, and a business center and in-room business equipment hook-ups.

Originally opened in 1926 as a beach club and hotel in the Renaissance Revival style, Casa del Mar was known for its active social scene. During World War II the hotel was converted to a military hotel. From 1959 to 1979, the property served as the headquarters for a drug therapy program and until 1997, as the Pritikin Longevity Center. The current owner purchased the hotel in 1998 and invested two years and $50 million to bring the hotel back to its original status.

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