SEATTLE—Davis Wright Tremaine has advised Clement Chen, the principal owner of The Westin Palo Alto Hotel, in securing an $83-million CMBS loan from LStar Capital, the credit affiliate of global private equity firm Lone Star Funds.
The Westin Palo Alto is owned by an affiliate of Chen’s Pacific Hotel Management, LLC, which operates eight properties in California, including The Clement Hotel, also in Palo Alto, and Intercontinental The Clement Monterey. The latter property was also refinanced by LStar in 2015 for $72.5 million, another loan in which DWT advised Chen. The Hunton & Williams law firm, with a team based in Dallas, served as counsel to the lender in both loans.
The mortgage broker for The Westin Palo Alto loan and for the InterContinental The Clement Monterey loan was Highland Realty Capital.