Vista Capital Closes Acquisition Financing for Beachfront Hotel
Wednesday June 5th, 2013 - 9:22AM E
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SANTA MONICA, CA—Vista Capital Company has recently arranged and closed $14.7 million of financing for a select-service beachfront hotel located in North Carolina's Outer Banks.
The financing was funded by an American affiliate of a European-based investment bank. This is the third beachfront hotel financing that Vista has closed within the year.
The loan was competitively quoted by several CMBS lenders, and was closed in an abbreviated time frame. The buyer of the hotel is planning a significant renovation, which will be completed primarily within the first year of the loan. The financing for the beachfront Hilton Hotels & Resorts branded asset is structured as long-term, fixed rate, and non-recourse. The buyer without a joint venture partner funded equity for the transaction.
Vista placed the financing with pricing of approximately 4.5%. "The sponsor was able to fund their capital stack with very advantageous debt," Zak Selbert, the founding principal at Vista Capital Company, said in a statement.
Tags: • Hospitality • Acquisitions •
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.