CooperWynn Capital, hospitality-specific debt and equity capital markets specialists, have revealed the successful loan modification for the Doubletree Suites Fort Shelby on behalf of the ownership group.
The hotel is located in downtown Detroit and features 203 suites, more than 18,000 sq. ft. of meeting space, three food and beverage outlets and fitness center. The modification allows ownership to maintain their current loan while replacing historic costly covenants as property fundamentals continue to improve.
“Given the increasing operating performance of the hotel, we embarked on a comprehensive marketing process to provide the best options for ownership,” said Marc Sallette, principal, CooperWynn Capital. “After evaluating all opportunities, the incumbent lender was able to provide the solution most advantageous to the owners.”
