Refinancing and acquisitions continue across the country as the industry continues its rise from the COVID-19 pandemic.
HSF closes $44.8M bridge loan for the Hampton Inn-Home2 Suites in Vegas
Dallas-based HALL Structured Finance (HSF) has closed a bridge loan totaling $44.8 million to refinance the recently opened dual-flagged Hampton Inn and Home2 Suites by Hilton—Las Vegas Convention Center. HSF previously provided a first lien construction loan on the property with Las Vegas-based hotel developer DG Design+Development.
The six-story, 250-room hotel (shown above) offers both a select-service and extended-stay option. Situated near the east side of the Las Vegas Strip and adjacent to the Las Vegas Convention Center, the hotel is near Allegiant Stadium, T- Mobile Arena, Harry Reid International Airport and the UNLV campus. The property also features shared amenities including a fitness facility, business center, 1,000 sq. ft. of meeting and event space, dining facilities and an outdoor pool and spa.
Jay Miller, director, BayBridge Real Estate Capital, brokered the deal.
PMZ Realty Capital arranges financing for two Ohio properties
PMZ Realty Capital LLC, a national boutique real estate investment banking firm, has arranged financing for two Ohio properties.
The $18.4-million interest-only refinance loan with a life insurance company includes the Residence Inn Cincinnati North/West Chester and the Courtyard Cincinnati North at Union Centre hotels, both located in West Chester. This deal allowed the owner to cash out some of their proceeds with a rate below 4%.
The 100-room Courtyard Cincinnati North at Union Center provides guests with modern accommodations, The Bistro—“Eat, Drink & Connect,” complimentary WiFi, fitness center, indoor swimming pool and 24-hour food market. The 100-suite Residence Inn Cincinnati North/West Chester provides guests with spacious suites, a full breakfast buffet, complimentary WiFi, fitness center, indoor swimming pool with hot tub and a 24-hour food market.
The properties, which are located adjacent to each other, are located between Cincinnati International Airport and Dayton International Airport.
Braemar refinances Park Hyatt Beaver Creek Resort & Spa
Braemar Hotels & Resorts Inc. has refinanced its mortgage loan for the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, CO, which had a final maturity date in April. The financing addressed the company’s only final debt maturity this year.
The new, non-recourse loan totals $70.5 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 2.86%.
Robert Douglas, a real estate advisory firm that specializes in providing capital solutions in the hospitality industry, assisted Braemar with this transaction.
MCR acquires the Aloft by Marriott in Downtown Houston
MCR has acquired the 168-room Aloft Houston Downtown, a modern, 11-story hotel located in Houston. This is the company’s 38th hotel in the Lone Star State.
The 168-room hotel is near the George R. Brown Convention Center, the Toyota Center and Minute Maid Park, as well as The Galleria Mall, the University of Houston and the Houston Zoo.
Legendary Capital sponsors the acquisition of Hampton Inn & Suites in Fargo, ND
Legendary Capital has sponsored the acquisition of the 90-room Hampton Inn & Suites in Fargo, ND, in an $11.4-million transaction.
The deal utilized the company’s proprietary Equity Preservation UPREIT structure—where the Hampton Inn & Suites ownership contributed their property in exchange for a special class of Transition Partnership Units (T-Units)—which allows for the potential preservation of the contributor’s equity as the property restabilizes.
The property is located in the Fargo Metropolitan Statistical Area (MSA), and is within a mile of the Sanford Medical Center, the only verified level 1 trauma center in the region between Minneapolis, Seattle, Denver and Omaha.
A change-of-ownership property improvement plan (PIP) will be completed after contribution to refresh the property to the latest Hampton standards. Once complete, The company is optimistic that the property will continue to be a top performer in the submarket going forward and capture new demand in the market.
KAJ Hospitality will continue to manage operations at the property.