Hotel Business Magazine, hotelbusiness.com | The Newspaper For Lodging Decision Makers

Crowne Plaza Union Station Gets $17.3M Cap Infusion

Thursday November 15th, 2012 - 10:22AM

INDIANAPOLIS, IN—Vista Capital Co. arranged and closed $17.3 million of financing for the Crowne Plaza Union Station here.

The financing was funded by an affiliate of a European-based investment bank. The 10-year, fixed-rate financing will be used to fund a large renovation project to redesign the hotel interior with a modern, clean and chic aesthetic. The financing also will be used to retire the existing financing, while concurrently reducing debt-service payments by approximately one-third.

"Ownership was able to accomplish a number of key goals in this transaction," said Zak Selbert, the founding principal at Los Angeles, CA-based Vista Capital Co.

Vista Capital was able to negotiate the non-recourse, fixed-rate financing with pricing of approximately 5%.

Listed on the National Register of Historic Places, the property is adjacent the Indiana Convention Center and is connected via a skyway to Lucas Oil Stadium. The full-service, upscale Crowne Plaza features 273 rooms, including 26 original Pullman Traincar sleeping rooms named and decorated after famous personalities from the early 1900s.