NATIONAL REPORT—A new week brings about new financing deals. The latest moves come from Aries Conlon Capital, Cronheim Hotel Capital and HREC Investment Advisors.
Aries Conlon Capital Closes $9.4M in Non-Recourse, CMBS Permanent Financing
Aries Conlon Capital has closed on two, non-recourse, CMBS permanent loans, totaling $9.4 million for the refinance of the Candlewood Suites Boise-Meridian in Boise, ID and the refinance of the Country Inn & Suites by Radisson in Buford, GA. The loans were closed in two separate transactions on behalf of two different borrowers.
CHC Secures Financing for Marriott Reflagging in Knoxville, TN
CHC has secured financing for the renovation and conversion of the 378-key Knoxville Marriott to the first Delta by Marriott in Tennessee. The $19,975,000 financing was secured from a national bridge lender and will be used for the gut renovation of the Knoxville hotel. The non-recourse, three-year initial loan term offers two one-year extension options and is priced at Libor + 4.75%.
HREC Arranges Sale of the Comfort Suites South Fort Wayne, IN
HREC has arranged the sale of the 127 guestroom Comfort Suites in Ft. Wayne, IN. Akram Namou, president of Ft. Wayne Hotel Group, purchased the limited-service property which complements his three existing full-service and extended stay hotels in the Ft. Wayne market. HREC represented Condor Hospitality Trust during the transaction. The sale was negotiated by Tom Sommer and Zane Varvel, both vice presidents in the Chicago office and James Robinson, an affiliate broker in Indiana. Condor Hospitality is a self-administered real estate investment trust that currently owns 17 hotels in 9 states.
