NATIONAL REPORT—Hotel Business has been tracking deals in the industry. Included in today’s roundup are HFF, F10 Hotels and InnSuites Hospitality Trust.
HFF Arranges $503M in Refinancing for Hotels in New York, Miami and Washington, D.C.
HFF has arranged $503 million refinancing for three hotels totaling 1,049 rooms in New York, Miami and Washington, DC. The HFF team worked on behalf of the borrower, Qatar-based Al Rayyan Tourism Investment Company (ARTIC), to place three floating-rate loans with Mack Real Estate Credit Strategies: a $290 million loan for The Manhattan at Times Square Hotel, a $132 million loan for the St. Regis Bal Harbour Resort and an $81 million loan for the St. Regis Washington, DC. Each loan carries a four-year term with one one-year extension. The HFF debt placement team representing the borrower consisted of senior managing director and head of HFF’s hotel group Daniel C. Peek; managing directors Danny Kaufman and Christopher Peck; senior directors Jeff Bucaro, Scott Wadler and Chris Hew; and associate Nicole Aguiar.
F10 Hotels Closes Two Non-Recourse Loans
F10 Hotels has closed two non-recourse loans. The properties involved in the deals were Holiday Inn Express & Suites and Staybridge Suites.
IHT Signs Agreement, Sells IBC Subsidiary
InnSuites Hospitality Trust, through InnSuites Hotels Inc., entered into an agreement to profitably sell its wholly-owned subsidiary, IBC Hotels LLC to a wholly-owned subsidiary of OBASA Capital Investments Inc., an independent third-party purchaser. The sale was completed, with funds being received by IHT, on August 16, 2018. The sale price and terms were not disclosed.
