$17.3-Million Financing for Historic Indiana Hotel
Monday November 19th, 2012 - 9:28AM
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SANTA MONICA, CA—Vista Capital Company, based here, has arranged for $17.3 million of financing for the Crowne Plaza Union Station in Indianapolis, IN. It was funded by an affiliate of a European-based investment bank, and the 10-year, fixed-rate financing with pricing of approximately 5% will allow for a renovation of the hotel’s interior. In addition, it will be used to retire the existing financing, while reducing debt service payments.
The hotel, which is listed in the National Register of Historic Places, stands adjacent to the Indiana Convention Center and is connected to Lucas Oil Stadium via an over-air walkway. It features 273 rooms including 26 original Pullman train car sleeping rooms named and decorated after famous personalities from the early 1900s.
Tags: Hospitality Sources of Funding
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.