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KONA, HI-The owner of the newly renovated Sheraton Keauhou Bay Resort & Spa here has landed $82 million in permanent financing. The Libor-based, floating-rate, first-mortgage financing, which was funded by Lehman Brothers, will be part of a larger, pooled securitization later this year.

The Sheraton Keauhou Bay Resort is a 521-room luxury resort situated on the lava flows of Keauhou Bay overlooking the Pacific Ocean. Originally known as the Kona Surf Hotel, the resort celebrated its grand opening in April 2005 as the Sheraton Keauhou Bay.

Re-developed at a cost of about $70 million, the property offers over-sized guest rooms, each with a lanai, meeting facilities, a full-service spa and direct access to two championship golf courses.

The owner is Koa Hotel LLC, an affiliate of New York-based Brickman Associates and New Valley Corp. The LLC was represented by New York-based Sonnenblick-Goldman Co. Robert Stiles, manager of S-G’s San Francisco office and head of the firm’s West Coast Lodging Group, could not be reached Monday for comment on the transaction.

“This was a complex financing because the property had just re-opened,” says S-G managing partner Douglas Hercher in a prepared statement. “Nevertheless, numerous lenders expressed a strong interest in the property because of the quality of the renovation and the strength of the development and management team.”

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