Shutters on the Beach & Casa Del Mar
Santa Monica, CA
Shutters on the Beach is a 198-room hotel built in 1993 and renovated in 2005-2006. Casa Del Mar is a 129-room hotel built in 1999 and renovated in 2007-2008.
- Each hotel is located on an exclusive waterfront area with significant barriers to competition. The properties are valued in excess of $400 million.
- In May of 2008, Eastern acquired discounted mezzanine loan positions on these two luxury beachfront hotels.
- The mezzanine loans were fully repaid in 2013 in accordance with the terms.