S
ixty Collective, a hospitality firm led by brothers Jason, Larry, and Michael Pomeranc, has secured its fourth loan extension for the 118-room Sixty Beverly Hills hotel. The New York-based company had originally borrowed $38 million from Natixis in 2017. Despite cutting a deal with the lender to push back the maturity date to August 2026, the terms have become more severe.

    The new agreement includes a $3 million paydown of the balance and an increased interest rate. Additionally, the guarantor will be liable for 10% of the principal balance in case of default. The hotel, which opened in 2017 after a redevelopment from a 1960s Best Western motel, has struggled to stay afloat during the pandemic.

    The loan was initially set to mature in August 2022 but was pushed back to August 2023 due to forbearance. After returning to special servicing, the Pomeranc brothers negotiated multiple extensions, including one until February 2024 and another 120-day forbearance until June. The latest extension is the fourth since the pandemic began.

    The Pomeranc brothers founded Sixty Collective in 2014 after selling their interests in Commune Hotels & Resorts and Thompson Hotels. They also own a hotel in Manhattan and made headlines last year for selling the 97-room Sixty SoHo in New York for $109 million, setting a post-pandemic record for hotel sales.