NATIONAL REPORT—Hotel Business is tracking transactions. CapStack Partners, Holliday Fenoglio Fowler L.P. (HFF), Vista Capital and Crystal Investment Property LLC. Here are the details.
CapStack Partners Arranges $19M in Financing for Ravel Hotel
CapStack Partners has arranged a $19 million mortgage for The Ravel Hotel in Long Island City, NY. CapStack’s investment banking group worked on behalf of the borrower to place the 10-year fixed-rate loan. Loan proceeds were used to refinance construction costs and the prior mortgage that was previously arranged by CapStack.
HFF Arranges Financing for Embassy Suites Hotel Near Baltimore
HFF has arranged financing for the acquisition of Embassy Suites by Hilton Baltimore at BWI Airport, a 251-room, Hilton-branded, all-suite hotel near Baltimore/Washington International Thurgood Marshall Airport in the Baltimore-area community of Linthicum Heights, MD. The HFF team worked on behalf of TCOR Hotel Partners (TCOR) to arrange a joint venture equity partnership with Dallas-based TriGate Capital, LLC. Additionally, working on behalf of the new partnership, the HFF team placed the five-year, fixed-rate loan with a local bank. Loan proceeds will be used to fund the acquisition of the hotel.
Vista Capital Closes $10M of Financing for the Candlewood Suites in Indianapolis
Vista Capital Company recently closed $10 million of financing for the Candlewood Suites located in the medical district of downtown Indianapolis.
Crystal Investment Property Brokers the Sale of Howard Johnson Inn
Crystal Investment Property has brokered the sale of the Howard Johnson Inn in Salem, OR. CIP, a licensed Oregon brokerage, represented the seller and buyer in the sale. Joseph P. Kennedy, president of CIP, worked closely with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential.