Aries Capital Arranges $4.7M Loan for New-Build HIEx
Monday June 24th, 2013 - 9:22AM GS
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CUERO, TX—Aries Capital closed on a $4.7 million loan for a new 77-room Holiday Inn Express to be constructed here in the Eagle Ford Shale area.
Avalon, LLC, was the borrower in the loan transaction and received a $4.7 million construction loan with an 18-month, fixed-rate term at 6% interest. The permanent loan features a five-year arm at an interest rate of Wall Street prime plus 2.5% with a floor of 6%.
The transaction was funded through an SBA 504 loan and the CDC.
The Holiday Inn Express will service the growing Eagle Ford Shale area, a hydrocarbon-producing formation capable of producing both gas and oil. With oil reserves estimated at 3 billion barrels and with potential output of 420,000 barrels a day, the Eagle Ford Shale area is a significant economic driver in Texas, according to the company.
Tags: • Hospitality • Construction/Renovation • Sources of Funding •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.