$10,000,000 bridge loan secured by a first deed to trust on the 150-key Rumor Hotel in Las Vegas, Nevada. Edgewood’s loan enabled borrower to exercise an option to purchase the underlying land on the property. Originally built in 1987 and previously operated as the St. Tropez Hotel, the Rumor Hotel is a 150-room all-suite boutique hotel situated on 4.09 acres of land in Las Vegas, Nevada. The property is comprised of 9 two-story, low-rise structures that surround a courtyard and pool. The ground floor of the main building features 5,369 square feet of restaurant, lounge, bar, and lobby space enhanced by modern, stylish finishes. Hotel amenities include a meeting room, a contemporary restaurant, a 24-hour full service bar and lounge, and eight bar-top video slot machines. Outdoor amenities include an outdoor lounge patio, an expansive courtyard and grass lawn with 3,000-person capacity, large outdoor pool and wet-deck pool, private cabanas, chaise lounges and hammocks, and outdoor pool-side showers.
