Jamul Indian Village Development Corporation receives $515m for new hotel
KeyBanc Capital Markets leads a syndicate of banks funding the development and debt refinancing.
The Jamul Indian Village Development Corporation (JIVDC), owner and operator of San Diego’s Jamul Casino, closed on $515m of Senior Secured Credit Facilities on 29 March 2023. The wholly owned enterprise of the Jamul Indian Village of California will work with a syndicate of commercial banks led by KeyBanc Capital Markets.
Proceeds from the Credit Facilities will fund the construction of a new hotel, as well as refinance existing debt and pay fees related to the transaction. The hotel represents the third significant transaction by JIVDC, after the Tribe refinanced the property in both 2021 and 2022.
JIVDC and Tribal Chairwoman Erica M. Pinto said, “The terms of this transaction will allow us to focus on our long-term financial stability and new projects that will continue to provide benefits for the Tribe.”
Ben Rechkemmer, Managing Director of KeyBanc, said, “KeyBanc Capital Markets, together with a syndicate of lenders, are dedicated to providing financial solutions required by Tribes and their gaming entities.
“We are proud to be part of the continued success of JIVDC, Jamul Casino and the Tribe as well.”
JIVDC will build a 16-story, 200-room hotel that includes a rooftop pool, spa, salon, fitness center, restaurant and banquet room. The aim is for it to become a AAA Four Diamond designation.
Mary Cheeks, President and General Manager of Jamul Casino, said, “It’s very rewarding to see Jamul Casino’s success recognized by this team of lenders. It speaks to the vision of our Tribal Board, the property leadership team, the dedication of our staff, and the loyalty of our guests.
“This comes at an exceptional time as we begin building a beautiful new hotel connected to the Casino.”
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