Tuesday May 21st, 2013 - 9:10AM
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.