SOURCE: Smiley Wang-Ekvall

Smiley Wang-Ekvall

February 29, 2016 13:57 ET

Smiley Wang-Ekvall Assists Client in Successful Negotiation for Hilton Waterfront Beach Resort Expansion

$140 Million Deal Secures Land Title, Provides Funds for Significant Expansion of Coastal Orange County Resort

COSTA MESA, CA--(Marketwired - Feb 29, 2016) -  Smiley Wang-Ekvall, LLP, an Orange County-based law firm specializing in bankruptcy and insolvency matters, real estate transactions, and business litigation, today announced the successful completion of a $140 million financing and land acquisition transaction negotiated on behalf of its client, The Mayer Corporation and its affiliates, owners and operators of The Waterfront Beach Resort, a Hilton Hotel, located on Pacific Coast Highway in Huntington Beach.

The multifaceted transaction included the client's purchase of fee title to the existing Hilton land and an adjacent 3.5 acre expansion parcel, the refinancing of an existing loan, and the procurement of construction financing to expand the existing resort onto the adjacent parcel. Kraig C. Kilger, partner with Smiley Wang-Ekvall, worked in partnership with the City of Huntington Beach, the State of California, and a team of professionals and consultants, to successfully close this transaction.

"The completion of this transaction is the result of a diligently managed and highly-collaborative process with the City and our client's lender, Pacific Life, which ensured that all critical components were in alignment with state and local requirements and our client's objectives," said Kilger. "The deal not only marks a significant development project for Orange County, but also facilitates our client's ability to further invest in the coastal Orange County hospitality market by ensuring its long term holdings on the property."

The expansion, which will break ground on or before early March 2016, will add 151 additional guest suites, a ballroom, meetings room, restaurant, spa and pool deck, and outdoor event space, nearly doubling the resort's current size.

"As a family operated business, The Mayer Corporation takes great pride in its legacy in Orange County and in building properties that serve as exceptional tourism destinations and economic drivers for the local economy," said Robert L. Mayer, Jr., Chairman of The Mayer Corporation. "The expansion of The Waterfront Beach Resort will enable us to enhance our services and accommodations, and expand our contribution to tourism in Surf City USA, Huntington Beach, California."

ABOUT SMILEY WANG-EKVALL, LLP
Smiley Wang-Ekvall specializes in achieving unparalleled results for its clients in the areas of bankruptcy and insolvency matters, real estate transactions, and business litigation. The attorneys at Smiley Wang-Ekvall focus on consistently delivering strategic, effective and efficient representation to their clients. The firm combines the hands-on attention and cost-effectiveness of a small firm with the depth and breadth of knowledge and experience of a large firm. Headquartered in Costa Mesa and with an office in Los Angeles, Smiley Wang-Ekvall serves clients locally, regionally and nationwide. For more information, visit http://swelawfirm.com/.

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