Broadreach Capital Partners said a $186.5 million loan backed by the Park Hyatt Aviara Resort, a luxury hotel that went into default in September after cash flow dried up, was extended by five years.
Payments were brought up to date as part of an agreement to extend the financing until Feb. 11, 2017, said Heather Turner, a director with the Palo Alto, California-based real estate investment company. The debt had been scheduled to mature next year, she said. Broadreach and hotel owner Maritz Wolff & Co. hold a majority stake in the resort.
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