Financial Findings: Cronheim, Aztec Group, Backpacker Panda

NATIONAL REPORT—Hospitality companies have made a series of financing deals, with one achieving a successful Series A round. Let’s dig into the details:

CHC Secures $20.8M Con Loan 
Cronheim Hotel Capital and GEM Equity Markets arranged a first mortgage construction loan of $20.9 million for the 133-key Cambria Resorts & Conference Center Hotel to be built on North First St. in Ocean City, MD. The project was financed for the joint venture group of Ocean City-based Pinnacle Hospitality Solutions and The Wankawala Organization of Philadelphia. The financing was provided by a consortium of Maryland-based credit unions.

Aztec Group Arranges $14.2M Financing
Aztec Group Inc., a real estate investment and merchant banking firm, has arranged a $15.2 million construction loan for the proposed Comfort Inn & Suites Hotel to be built in Miami Springs, FL. Aztec Group secured the loan on behalf of 665 Mokena Partners LLC.

Backpacker Panda Raises $1.4M in Series A Funding 
Luxury backpacking hostel chain Backpacker Panda has raised $1.4 million of funding. 37.37 North Capital led the Series A financing round. Backpacker Panda will use the funds to enhance customer experience, build its brand, strengthen its technology team and expand its footprint domestically and internationally.