NATIONAL REPORT—Hotel financing deals and sales continue to heat up this month. Here’s what we found:
Hall Structured Finance Closes Loan to Finance Georgia’s First Even Hotel
Hall Structured Finance (HSF) has closed a new first lien loan totaling $14.6 million to finance the construction of Georgia’s first Even Hotel in Alpharetta. The proposed six-story, 132-room Even Hotel will be located across from the new $600-million, mixed-use Avalon development. Noel Epelboim, CEO and president of Epelboim Development Group LLC, is the project’s sponsor and developer, and InterContinental Hotels Group (IHG) will be the project’s manager and joint venture partner.
MGM Resorts International to Sell Grand Victoria Casino
MGM Resorts International has executed a definitive agreement to sell the Grand Victoria Casino in Elgin, IL, of which a subsidiary of the company owns a 50% interest, to Eldorado Resorts Inc. for $327.5 million in cash, subject to a working capital adjustment. MGM Resorts will receive its 50% share of the net proceeds after certain transaction costs, or approximately $162 million.
Aries Conlon Capital Closes $10.15M in Financing for Florida Hotel
Aries Conlon Capital has closed on a $10.15-million, non-recourse, CMBS permanent loan with significant cash out for the Best Western Castillo Del Sol in Ormond Beach, FL. SVP Francisco Nacorda originated the loan for the 147-key limited-service hotel, and AVP Prabhat Jayara and VP Heather Madsen managed the processing and closing.
HREC Arranges Sale of Sheraton Hotel Edison, NJ
HREC Investment Advisors has arranged the sale of the 276-guestroom Sheraton Edison Hotel Raritan Center, located in Edison, NJ. HREC Investment Advisors represented the seller during the transaction. The sale was negotiated by Kevin Hanley, SVP in the Washington, DC office; Ketan Patel, managing director in the Washington, DC office; Mark von Dwingelo, SVP in the Bethel office; and Bill Schoenenberger, an affiliate broker in New Jersey.