NATIONAL REPORT—HREC Investment Advisors and HFF Real Estate Limited (HFF) have been involved in some recent transactions in the industry. Here’s what’s going on:
HREC Arranges Sale of Quality Inn, Holiday Inn Express
HREC Investment Advisors has arranged the sale of the 82-guestroom Quality Inn at Albany Mall located in Albany, GA and the 70-guestroom Holiday Inn Express located in Gas City, IN.
For the first deal, Monty Levy, managing director in HREC Investment Advisors’ Atlanta office, and Shane Skubis, SVP in HREC Investment Advisors’ Denver office, exclusively represented the seller, a national development and management company, in the transaction.
Tom Sommer, VP in the HREC Investment Advisors’ Chicago office, and Indiana Affiliate Broker James Robinson were the exclusive real estate brokers representing the seller in the second deal.
Financing Secured for Ikos Andalusia
HFF has provided $136.2 million in first mortgage financing for the acquisition and redevelopment of Ikos Andalusia, a 400-key, luxury seafront resort in Andalusia’s coastal area of Estepona, Spain. The HFF team worked on behalf of the borrower, Ikos International, to place the five-year, floating-rate loan with Starwood European Finance Partners Limited, an affiliate of Starwood Capital Group. Loan proceeds will be used to acquire an existing hotel and institute a property improvement plan that includes reconstructing and refurbishing all existing hotel rooms, enhancing the arrival and lobby experience, expanding and repurposing the public spaces and rebranding the asset to the Infinite Lifestyle concept of the Ikos Resorts brand.
Recapitalization for 11-Property Portfolio
HFF also was involved in the $159.2 million recapitalization of a fully leased, mission-critical 11-property industrial portfolio totaling 2.77 million sq. ft. in Georgia, Illinois, Michigan, Minnesota, Ohio, Pennsylvania and Texas. The HFF team represented the seller, a joint venture between Brennan Investment Group, Arch Street Capital Advisors LLC and Gatehouse Financial Group Limited, and the buyer, a new joint venture between Brennan Investment Group and GCC-based Sidra Capital. Additionally, working on behalf of the new owner, the HFF team secured and will be servicing a 67% LTV, 10-year, fixed-rate loan with Goldman Sachs.
HFF Refinances Jackson Hole, WY
HFF was also involved in the refinancing of the Amangani Resort, a 40-room, ultra-luxury resort. The HFF team worked on behalf of the borrower, Canyon Equity, to place the loan with KSL Capital Partners. The HFF debt placement team representing the borrower included senior managing director and head of HFF’s hotel group Daniel C. Peek, senior directors Scott Wadler and Cyrus Vazifdar and real estate analyst Taylor Golub.