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 •
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.