NATIONAL REPORT—Plenty of deals are happening in the industry. What else is good news? Lenders are lending. Here are the details:
Mag Mile Capital Completed $22.5M Loan for Two Hotels
Mag Mile Capital has completed a $22.5-million non-recourse loan on behalf of a private borrower for two hotels in Dearborn, MI: a Holiday Inn Express located 24041 Michigan Ave. and a Staybridge Suites located at 24105 Michigan Ave. The Holiday Inn Express features 107 rooms and the Staybridge Suites has 102 rooms. The hotels were opened less than three years ago by the borrower, Malik Abdulnoor of Stellar Hospitality, a member of the Chaldean Chamber of Commerce. Mag Mile Capital secured a 10-year fixed rate of 3.9% for the non-recourse permanent loan with a 25-year amortization. The refinance loan, provided by one of the world’s largest investment banks, afforded the borrower cash-out beyond their cost basis to recycle the capital for growth.
HSF Closes $86.M Loan to Finance the Construction of Westin in Tempe, AZ
Dallas-based Hall Structured Finance (HSF) has closed a new first lien loan totaling $86.5 million to finance the construction of a full-service Westin Hotel, located in Tempe, AZ. The new hotel is being developed by Las Vegas-based CAI Investments LLC. Construction began in March 2019, and the hotel is anticipated to open during the second quarter of 2021.
Phoenix American Hospitality Launches $50M Reg A Offering
Phoenix American Hospitality has launched its $50 million Reg A offering, American Hospitality Properties REIT Inc. The American Hospitality Properties REIT Inc. was created with a focus on identifying and acquiring limited and upscale select-service hotels in the United States. These acquisitions provide cash flow and value-added opportunities for the company.
HVS Closes Sale of the Hampton Inn Houston NASA-Johnson Space Center
HVS Brokerage & Advisory has closed on the sale of the 70-key Hampton Inn Houston NASA-Johnson Space Center located at 3000 NASA Road One in Seabrook, TX, for an undisclosed amount. This transaction highlights HVS’s ability to successfully execute a targeted sales process resulting in an off-market transaction that had a mutually beneficial outcome for both the seller and buyer, both of whom are local investors in the Houston market.
Banyan Acquires Fairfield Inn & Suites in Illinois
Banyan Investment Group has acquired the acquired the 89-room Fairfield Inn & Suites by Marriott Peoria East, Illinois. The company also will operate the hotel, its eighth acquisition from its recently launched Big Hotels LP I LLC fund.