Thorofare Capital has funded a $40,000,000 floating rate acquisition financing for the Anaheim Portofino Inn & Suites. In addition, Thorofare’s loan provide a future-funding towards accretive capital expenditures, operation shortfall reserves until the property’s stabilization and funds planned property upgrades.

Portofino Inn & Suites is a two-building, 190-key limited-service lodging facility built in phases in 1978 and 1988. The property is poised to benefit from the increased leisure and transient demand from Disneyland Park. Additionally, the Anaheim hospitality market has high barriers to entry and there are no new hotel developments in the pipeline, allowing for the existing rooms to be absorbed. Simultaneously with closing, the sponsor entered into a long-term lease with Sonder Hospitality USA, Inc. to master lease the entire property.

The Property is well located at the intersection of South Harbor Boulevard and West Katella Avenue, two highly trafficked thoroughfares within the neighborhood.

The hotel is adjacent to both Disneyland Park and the Anaheim Convention Center, with additional demand generators being the Anaheim Gardenwalk, Angel Stadium and Team Disney Anaheim.

The Property was renovated in the late 1990’s and subsequently opened as the Portofino Inn and Suites in September 2000. Currently, Portofino offers 70 two queen deluxe with balcony, 94 kids suite with bunk beds, 12 king suites, 3 two-bedroom suites with two bathrooms, 1 two-bedroom suites with one bathroom, 8 two queen deluxe with accessible balconies and 2 kids suites with accessible bunk beds. Florence Tower is five-stories in height containing 108 suites and Venice Tower is three-stories in height offering 82 suites.

A global investment manager provided a co-terminus mezzanine loan in tandem with Thorofare’s three-year, interest-only senior loan. The financing structure includes multiple extension options and a flexible prepayment window.

Sonder is technology driven, hospitality and extended stay service which was launched in 2014. The firm is headquartered in San Francisco, and has partnered with Blackstone, Metlife, Lennar, The Hanover Company, Westbank and other real estate investors/owners to offer easy bookings at hospitality properties worldwide. Currently, Sonder is in 10 countries, 35 markets and manages/leases a portfolio spanning 47 hotels and 2,009 keys. The Sonder program has generated over one million guests and their portfolio has an average occupancy rate approximately 70%.

The sponsor is a Provo, Utah-based private investment firm exclusively focused on development, acquisitions, and management of hospitality assets in the U.S.