Marathon Asset Management Secures Major Loan for Ritz-Carlton

Marathon Asset Management Facilitates $210 Million Loan

Marathon Asset Management has stepped into the spotlight by facilitating a remarkable $210 million loan aimed at refinancing The Ritz-Carlton Dallas, which is nestled in the ever-expanding Dallas-Fort Worth area. This 427-key resort has undergone extensive renovation, elevating its status as a premier destination for both business and leisure travelers.

A Partnership with Trinity Investments

The loan was meticulously structured by Marathon’s Commercial Real Estate team, headed by Managing Director Joseph Griffin. They collaborated closely with a joint venture involving Trinity Investments, known for its leadership in hospitality, and Partners Group, a formidable player in global private markets. This collaboration showcases the combined strengths of these organizations in managing and financing high-caliber properties.

Exceptional Project Leadership

Joseph Griffin highlighted the excellence of Trinity and Partners Group in executing a comprehensive renovation plan. This initiative aims to position The Ritz-Carlton Las Colinas prominently within Dallas's competitive hotel landscape. With a legacy of over 20 years in real estate lending, Marathon is deepening its commitment to working alongside reputable sponsors to realize business objectives with loans ranging from $50 million to $250 million.

Renovation and Rebranding Efforts

Previously referred to as the Four Seasons Resort and Club Dallas, the hotel transitioned to its new identity after being acquired in May 2022. Following in-depth renovations that commenced in May 2023, the property rebranded as The Ritz-Carlton Dallas, Las Colinas, in January. This transformation signifies a key remodeling phase aimed at modernizing the hotel's appeal, aligning it with Ritz-Carlton's luxurious standards.

Modern Amenities for Guests

The enhanced hotel boasts a sprawling 16.7 acres filled with state-of-the-art amenities. Each of the fully renovated rooms and common areas reflects contemporary design. Guests enjoy over 80,000 square feet of meeting space, several high-quality dining venues, a luxurious resort-style pool, and the Ritz-Carlton Spa & Lounge. Additionally, patrons have access to an 18-hole golf course with a driving range, a fully equipped fitness center, indoor/outdoor tennis courts, and swimming options such as a lap pool and squash/racquetball courts. These upgrades strategically position the hotel to attract both business and leisure travelers, enhancing its foothold in the flourishing Dallas market.

Strategic Location

Convenience is a significant highlight of the hotel’s placement, with just a 15-minute drive to Dallas-Fort Worth Airport. It's also located only 20 minutes away from downtown Dallas and 35 minutes from Fort Worth, making it an appealing choice for guests seeking accessibility.

Financing Support

The financing for this significant project was orchestrated by the JLL Hotels & Hospitality team, featuring prominent figures such as Americas CEO Kevin Davis along with Managing Directors Mark Fisher and De’On Collins. Their expertise was instrumental in aligning the financial strategy with the hotel's ambitious renovation ambitions.

About Marathon Asset Management

Marathon Asset Management, L.P. stands out as a leading global asset manager with focus areas spanning both Public and Private Credit markets, regulating over $23 billion in assets under management. With a rich history since its inception in 1998, the firm is spearheaded by co-founders Bruce Richards and Louis Hanover. It thrives on a substantial investment approach that covers various aspects of Private Credit, ensuring comprehensive financial support for its partners and clients. Operating from its New York City headquarters while also maintaining offices in London, Miami, Los Angeles, and Luxembourg, Marathon is dedicated to providing strategic investment advisement.

Frequently Asked Questions

What is the purpose of the $210 million loan provided by Marathon?

The loan is intended to refinance The Ritz-Carlton Dallas, which has recently undergone significant renovations.

Who are the partners involved in this loan agreement?

The loan was facilitated in partnership with Trinity Investments and Partners Group, both strong players in the hospitality and finance sectors.

What improvements have been made to The Ritz-Carlton Dallas?

The hotel has been extensively renovated, featuring updated rooms, modern amenities, and enhanced event spaces.

How does Marathon Asset Management support its partners?

Marathon partners with strong sponsors to execute their business plans with targeted loans that range from $50 million to $250 million.

What makes the location of The Ritz-Carlton Dallas advantageous?

Its proximity to major transport links, including DFW Airport and downtown Dallas, provides convenience for guests traveling for business or leisure.

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