Smith Hill Capital, the commercial real estate debt investment management business of the Procaccianti Companies, and Bain Capital Special Situations have originated and executed a $72-million first mortgage loan to KSL Capital Partners to refinance Hotel Viking in Newport, RI.
The historic, 208-room property is located in Newport’s Historic Hill neighborhood inland of the harbor in the center of Downtown Newport, close to the International Tennis Hall of Fame and water activities on the marina, as well as several local beaches. It features an indoor pool with a whirlpool, fitness center and more than 14,000 sq. ft. of indoor and outdoor event space.
“The closing of the loan for the Hotel Viking underscores our commitment to providing capital for hospitality assets,” said Brendan McCormick, managing principal, Smith Hill Capital, which formed its joint venture with Bain Capital in 2023. “The Hotel Viking, with its rich heritage, is an iconic landmark, and we are proud to play a role in its continued success and development.”
