Financing and Transactions: A Loan and Three Sales

NATIONAL REPORT—Hotel Business has been following financial news in the industry. Here’s what we found:

Hilton Garden Inn Bettendorf/Quad Cities Receives Loan

The Hilton Garden Inn Bettendorf/Quad Cities in Bettendorf, IA, has received a $13-million permanent loan.  PMZ Realty Capital LLC arranged the loan.

RLH Corp. Sold Red Lion Hotel Templin’s On The River

RLH Corporation has sold Red Lion Hotel Templin’s on the River in Post Falls, ID, for $9.25 million. The hotel marks the seventh of 11 hotels being marketed for sale previously disclosed in October 2017. Red Lion Hotel Templin’s on the River, along with all other sold hotels, has signed a franchise license agreement to retain their Red Lion brand.

RLH Corporation’s total loss on the sale is expected to be approximately $0.3 million; $6.7 million of the proceeds of the sale was used for debt repayment at the closing. Together with the other six previously announced sales, RLH Corporation’s gain on sales is approximately $16.2 million.

Ashley Inn & Suites in Oregon Is Sold

Crystal Investment Property LLC facilitated the sale of the Ashley Inn & Suites in Lincoln City, OR. Financial terms of the sale were not announced.

Staybridge Suites in Wilmington, NC, Sold

TriGate Capital and Beacon Investment Management Group have sold the 92-room Staybridge Suites in Wilmington, NC. Fargo, ND-based Lodging Opportunity Fund REIT purchased the hotel. Beacon IMG will continue to manage the hotel. The sellers were represented by Hunter Hotel Advisors.