RobertDouglas represented, as exclusive advisor, TPI Hospitality on the $70.4-million refinancing of a 770-key, seven-hotel portfolio of premium-branded hotels in the greater Twin Cities submarkets of Maple Grove/Arbor Lakes and North Metro in Minnesota.
RobertDouglas secured the attractively priced floating-rate debt with an institutional balance sheet lender for the portfolio.
The portfolio consists of the 96-key Residence Inn Maple Grove/Arbor Lakes; 84-key SpringHill Suites Maple Grove/Arbor Lakes; 115-key Courtyard Minneapolis Maple Grove/Arbor Lakes; 120-key Hampton Inn Minneapolis Northwest Maple Grove; 119-key Staybridge Suites Mpls-Maple Grove/Arbor Lakes; 136-key Holiday Inn & Suites Maple Grove/Arbor Lakes; and 99-key Hilton Garden Inn Minneapolis Saint Paul-Shoreview.
RobertDouglas also recently advised TPI Hospitality on the refinancing of two Homewood Suites hotels in the greater Twin Cities MSA.
“TPI Hospitality is a best-in-class owner-operator,” said Evan Hurd, principal/managing director, RobertDouglas. “The new lender was able to partner with an exceptional sponsor with unparalleled market experience on seven institutional-quality, high-performing hotels with an attractive last-dollar basis and at a significant discount to replacement cost.”
Chris Flagg, chief investment officer, TPI Hospitality, added, “We are extremely pleased to once again be working with RobertDouglas on another transaction. Their holistic approach to addressing the capital markets needs of our portfolio and their ability to execute strategic initiatives have been critical. In this case, they have successfully aligned us with an exceptional lending partner.”
“This transaction demonstrates the investment appeal of well-positioned, institutional-quality, premium-branded hotels in today’s marketplace,” said Max Chipouras, VP, RobertDouglas. “This portfolio commanded A+ locations in premier Minneapolis submarkets with zero new supply in the pipeline. In addition, these properties have substantial franchise term runway.”
