INTERNATIONAL REPORT—Hotel Business has been tracking transactions. Loans, acquisitions and financings are some of the recent deals. Here’s a closer look:
PMZ Realty Capital Obtains Loan on Three Properties
PMZ Realty Capital LLC has secured a $35-million, three-hotel portfolio refinancing for Middletown Management. The three properties refinanced are the 118-room SpringHill Suites by Marriott in Beavercreek, OH; the 130-room Holiday Inn Cincinnati North in West Chester, OH; and a 111-room Holiday Inn Express & Suites in Dayton, OH.
Apple Hospitality REIT Acquires Hampton Inn & Suites by Hilton Downtown St. Paul
Apple Hospitality REIT Inc. has acquired the 160-room Hampton Inn & Suites by Hilton Downtown St. Paul in St. Paul, MN, for a purchase price of $31.7 million, or approximately $198,000 per key. Apple Hospitality acquired the Hotel from a subsidiary of Vista Host.
NKF Arranges Construction Loan for Hotel Development in Des Moines, IA
Newmark Knight Frank (NKF) has arranged a $28.3-million construction loan ($25.3 million is senior and $3 million is a bridge loan) for the redevelopment of the historic Midland Building in Des Moines, IA. Chicago-based Aparium Hotel Group will complete a nearly $48,000,000 development project to renovate the property into a four-star hotel. The 12-story, century-old Midland Building will be transformed from an office tower into a luxury, 137-room boutique hotel. Executive Managing Director Ben Greazel of NKF’s Chicago Capital Markets group originated the construction loan on behalf of the borrower. Greazel secured the financing with First National Bank of Omaha.
HFF Refinances Hyatt Regency Fairfax Hotel
Holliday Fenoglio Fowler L.P. (HFF) has arranged a $26.2-million refinancing for Hyatt Regency Fairfax, a 316-room, full-service hotel in the heart of Fairfax, VA. The HFF team worked on behalf of the borrower, a partnership between The Carlyle Group and Songy Highroads LLC, to place the three-year, floating rate loan with two one-year extensions with H.I.G. Realty Partners. Loan proceeds will be used to retire existing debt.
EPIC Secures Refinance Package
Liverpool hotel group EPIC has secured a multimillion-dollar refinance package structured by Allied Irish Bank (GB) to assist its continued growth across Liverpool and support strategy. The deal will support EPIC’s future growth strategy, giving the company a platform to develop new sites with potential expansion into other U.K. cities.