Cushman & Wakefield advises KSL affiliates on $30 million financing

Cushman & Wakefield advised affiliates of KSL Capital Partners, the owners of The Homestead Resort, in the $30 million financing of the hotel with BB&T Co. The property was previously unencumbered by debt. Cushman & Wakefield's Jared Kelso and Ernest Lee represented KSL in the transaction. "We were excited to be able to support KSL in their financing efforts," said Kelso, a Cushman & Wakefield managing director of the firm's Global Hospitality Group. "The Homestead has accommodated generations of guests and is well positioned for continued success under the stewardship of KSL." Located on 3,000 picturesque acres in the Allegheny Mountains of western Virginia, the resort was ranked in the World's Best Hotels from Travel + Leisure (2012), and had the #1 golf course in Virginia according to Golfweek (2012). The National Historic Landmark features an extensive array of more than 30 recreational amenities including championship golf courses, an award-winning spa with natural hot springs, a 45-acre ski resort, an equestrian center, and a shooting club. The property is currently undergoing a $25 million renovation that will expand its amenity base with the addition of the nation's first mountain spring themed water feature with water slides, a lazy river, and heated pool, and adults-only spa garden with geothermal springs, river reflexology walk, spring-fed pools and Finnish sauna.