This roundup features the latest financing of U.S. hotel industry deals and projects.
Loews Arlington Hotel and Convention Center
Lender: MetLife Investment Management
Borrower: Loews Hotels & Co.
Value: $300 million
Location: Arlington, Texas
Date of Loan: Oct. 12, 2021
Takeaway: The loan is part of the $850 million development of the 888-room property with 200,000 square feet of indoor meeting space and 66,000 square feet of outdoor space. The balance of the project will be paid for by Loews’ available capital.
Unnamed Boutique Hotel
Lender: A Seattle-based REIT/D2 Capital Advisors
Borrower: Commutator, LLC
Value: $48.6 million
Location: Minneapolis, Minnesota
Date of Loan: Oct. 12, 2021
Takeaway: The financing is for the construction of a 123-room boutique hotel in Minneapolis’ North Loop district that will incorporate three historic structures.
Homewood Suites by Hilton Lafayette Mall
Lender: A life insurance company/PMZ Realty Capital
Borrower: Lexington Hotel Group
Location: Lexington, Kentucky
Value: $7.5 million
Date of Loan: Oct. 12, 2021
Takeaway: The non-recourse loan is for the acquisition of the 91-suite property.
Holiday Inn Express Sunnyvale - Silicon Valley
Lender: Arriba Capital (broker)
Borrower: A privately held hospitality manager and developer based in California
Value: $11.4 million
Location: Sunnyvale, California
Date of Loan: Oct. 5, 2021
Takeaway: The financing is to complete construction for the 41-room property after a previous lender pulled out from the project.
Westin Tampa Waterside
Lender: New York Life Investors/JLL
Borrower: A joint venture of Newbond Holdings and fund managed by an affiliate of Apollo Global Management
Location: Tampa, Florida
Date of Loan: Sept. 21, 2021
Takeaway: The financing was for the acquisition of the 309-room, waterfront property.
A Portfolio of Hilton Hotels
Lender: Ramsfield Hospitality Finance and CarVal Investors
Borrower: Cooper Hotels
Location: Florida, Tennessee and Michigan
Value: $135.2 million
Date of Loan: Sept. 20, 2021
Takeaway: The mortgage covers the refinancing of a 2,035-room, 11-hotel portfolio.
Two California Motel 6 Properties
Lender: Arriba Capital
Borrower: A hospitality management and development group based in Texas
Value: $15.18 million
Location: Modesto and Tracy, California
Date of Loan: Sept. 20, 2021
Takeaway: The 10-year, fixed-rate permanent loans replace the initial acquisition bridge loans on the properties.
The Benson Hotel
Lender: Hall Structured Finance
Borrower: Coast Hospitality
Value: $51.1 million
Location: Portland, Oregon
Date of Loan: Sept. 16, 2021
Takeaway: The first lien bridge loan will fund the renovation and conversion of the property under Hilton’s Curio Collection.