Financing Closes For Fairmont Renovations [Video]

[Updated] Westend Properties announced that the “financing for the renovation of Bermuda’s iconic Fairmont Southampton has closed today” and “capitalisation for the entire Southampton project is estimated at more than $550 million.”

“While we have had the financing commitments to fully fund this redevelopment in place for some time, it has been a complex process to finalise all the necessary documentation with the various parties to the transaction,” said Alessandro Colantonio, Chief Investment Officer at Gencom, the managing partner of Westend.

“Late last year we stated that the project was fully funded and that we were progressing to closing. We are so pleased to share that the closing date is today. We have completed the required documentation to close the financing and the balance of funds have been remitted for this redevelopment.”

A video overview of the planned hotel renovations

A spokesperson added, “Our confidence in the funding commitments allowed us to move forward with the pre-development steps …