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Vista Capital Secures $32M for Hotel Portfolio

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.