Capital Advisors Secures $57M Loan to Refinance W Minneapolis
Tuesday July 9th, 2013 - 11:19AM P
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MINNEAPOLIS—Capital Advisors has arranged $57.5 million in non‐recourse debt to a partnership between Minneapolis real estate companies, RWB Holdings, Inc. and Ryan Companies US, Inc., to refinance the W Minneapolis – The Foshay located here.
The new debt included both a senior and mezzanine loan. Ridge Stafford of Capital Advisors’ Charlotte office arranged the 10-year loan with a 30-year amortization schedule with CMBS lender, Jeffries LoanCore.
The ownership group converted the property from its former office use to the hotel after acquiring the 1920’s era Art Deco tower in 2006. The conversion included extensive renovations all of which preserved the property’s position on the National Register of Historic Places. The property opened as The W‐Minneapolis – The Foshay in August 2008.
The 32-floor W Minneapolis – The Foshay features 212 guest rooms, which have state of the art entertainment packages, W signature beds and luxury linens. The W Minneapolis – The Foshay also has 17 suites, which include private dining areas, fireplaces and wet bars.
Tags: • Hospitality • Openings •
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.