This roundup features the latest financing of U.S. hotel industry deals and projects.
SpringHill Suites by Marriott Avondale
Lender: Trez Capital
Borrower: Virtua Partners
Value: $18.75 million
Location: Avondale, Arizona
Date of Loan: Oct. 12, 2022
Takeaway: The loan covers the construction of a 128-room hotel that is part of a 58-acre mixed-use development in suburban Phoenix.
Marriott Kansas City Overland Park
Lender: Brokered by RobertDouglas
Borrower: A joint venture of WBX Capital Partners and Trinity Private Equity Group.
Location: Overland Park, Kansas City
Date of Loan: Oct. 4, 2022
Takeaway: The new, non-recourse, floating rate senior mortgage has a five-year term and refinances the 398-room hotel.
DoubleTree by Hilton Hotel Deerfield Beach — Boca Raton
Lender: A local Florida bank brokered by Berkadia Hotels & Hospitality
Value: Nearly $70 million
Location: Boca Raton, Florida
Date of Loan: Sept. 28, 2022
Takeaway: The acquisition financing has a three-year term with two one-year extensions.
A Portfolio of Four Under Construction CitizenM Hotels
Lender: Brokered by Newmark
Borrower: CitizenM and investors — including GIC and APG Asset Management
Value: $210 Million
Date of Loan: Sept. 26, 2022
Takeaway: Each new property is said to have both strong leisure and business demand drivers.
Two Historic Inns in Nantucket
Lender: HarborOne Bank, brokered by JLL Capital Markets
Borrower: Faros Properties
Value: $11 million
Location: Nantucket, Massachusetts
Date of Loan: Sept. 22, 2022
Takeaway: The loan covers the refinancing of the 12-room Anchor Inn, built in 1806, and the 20-room Greydon House, built in 1850.
Ocean Key Resort & Spa Key West
Lender: A life insurance company, brokered by Sonnenblick-Eichner Company
Borrower: Noble House Hotels & Resorts
Value: $82.4 million
Location: Key West, Florida
Date of Loan: Sept. 14, 2022
Takeaway: The fixed-rate, non-recourse first mortgage financing has a five-year term.