Vista Capital Secures $32M for Hotel Portfolio
Tuesday May 21st, 2013 - 9:10AM SB
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SANTA MONICA, CA— Vista Capital Co. arranged and closed $32 million of financing for a portfolio of five hotels.
Four of the hotels are located within one mile of each other, in Goodyear, AZ; the other is in Washington, UT. The 478-room portfolio consists of limited-service and full-service assets, branded by Hilton Hotels & Resorts, IHG and Marriott International.
The deal was funded by an undisclosed investment bank via its structured finance CMBS group. The new non-recourse financing will retire the former recourse loan while concurrently reducing debt-service payments, extending the amortization schedule and providing ownership with an equity recapitalization, according to Vista Capital. The fixed-rate financing also will be used to fund various renovation projects over its 10-year term.
Zak Selbert, founding principal at Vista Capital, indicated this is the firm's eighth hotel closing in six months.
Tags: • Hospitality • Brands • Sources of Funding •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.