This roundup features the latest financing of U.S. hotel industry deals and projects.
Dual-Brand Courtyard/Residence Inn
Lender: Hall Structured Finance and Nuveen Green Capital, brokered by JLL Capital Markets
Borrower: EKN Development Group and Garn Development
Location: Sand City, California
Value: $67.1 million
Date of Loan: Feb. 1
Takeaway: The new build, 215-room complex received a $39 million first mortgage loan from Hall and a $28.1 million CPACE loan from Nuveen.
Brown Palace Hotel and Spa, Autograph Collection, and the Holiday Inn Express Denver Downtown
Lender: Benefit Street Partners, LCP Group and Ares Management
Borrower: Crescent Real Estate
Location: Denver, Colorado
Value: $85 million
Date of Loan: Feb. 6
Takeaway: The refinancing comes in the form of a senior loan from Benefit Street and a mezzanine loan through a partnership of LCP and Ares.
Courtyard Salt Lake City Cottonwood Hotel
Lender: NYL Investors, brokered by JLL Capital Markets
Borrower: An affiliate of Huntington Hotel Group
Location: Cotton Heights, Utah
Value: $25.4 million
Date of Loan: Feb. 2
Takeaway: The floating-rate, interest-only loan refinancing the 149-key property has a term of up to four years including extensions.
River North
Lender: Symetra Life Insurance Company, brokered by Meridian Capital Group
Borrower: Hawkins Way Capital
Location: Chicago
Value: $5.2 million
Date of Loan: Jan. 25
Takeaway: The loan refinances the 60-room property, which is leased and operated by Sonder.
DoubleTree by Hilton Pittsburgh-Green Tree
Lender: Avatar Financial Group
Borrower: A joint venture of First Choice Investments and the Chetrit Group
Location: Pittsburgh, Pennsylvania
Value: $8.4 million
Date of Loan: Jan. 24
Takeaway: The bridge loan helps complete improvements at the 460-room property. it has a 24-month term with a loan-to-value of 26.5%.
Mint House
Lender: Hall Structured Finance
Borrower: Altus Realty
Location: Washington, D.C.
Value: $30.25 million
Date of Loan: Jan. 18
Takeaway: The construction loan covers the conversion of the 11-story, 68,000-square-foot former office building.
Dual-Brand Home2 Suites/Tru by Hilton
Lender: Peachtree Group
Borrower: Baxter Hotel Group
Location: San Diego, California
Value: $73 million
Date of Loan: Jan. 17
Takeaway: The construction financing includes a three-year $50.4 million floating-rate loan and a $22.6 million fixed-rate CPACE loan.
SunCoast Park Hotel Anaheim, Tapestry Collection by Hilton
Lender: Seven Hills Realty Trust, brokered by RobertDouglas
Borrower: SunCoast Properties, Inc.
Location: Anaheim, California
Value: $29 million
Date of Loan: Jan. 10
Takeaway: The floating-rate refinancing came through an affiliate of The RMR Group.