Press Release

Manchester Financial Closes $425 Million Refinance of Fairmont Austin Hotel

October 22, 2019

San Diego – October 22, 2019 – Cooley advised Manchester Financial Group on the closing of a $425 million credit facility for the refinance of its Fairmont Austin Hotel. Bank of America arranged the credit facility, which was initially funded by Bank of America and Wells Fargo. The financing was securitized via a standalone offering.

Founded in 1970 and based in San Diego, Manchester Financial acquires, develops and manages high-profile properties throughout the US, including the development of premier hotel properties such as the Fairmont Grand Del Mar, the Manchester Grand Hyatt San Diego and the San Diego Marriot Marquis & Marina.

Manchester Financial opened the 1.4 million-square-foot Fairmont Austin Hotel in 2018. With 37 floors and 1,048 rooms, it is the largest and tallest hotel – and the second tallest structure – in Austin, Texas, and the world’s largest Fairmont-branded hotel by square footage. The hotel is managed by Accor Hotels & Resorts under its luxury Fairmont brand. 

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