DALLAS—HALL Structured Finance (HSF) has closed on a new first lien construction loan totaling $14.7 million to finance the development of a SpringHill Suites by Marriott in Newark, DE. George Danneman and Danneman Hospitality LLC own the 118-room hotel, which will be the first SpringHill Suites in the state.
“The planned hotel’s location in the heart of Newark, within one mile of the University of Delaware, is just one of the many reasons we were initially attracted to this deal,” said Mike Jaynes, president of HALL Structured Finance. “We believe the SpringHill Suites product, which consistently ranks among the top Marriott brands in guest satisfaction, will be a great asset to both the city and the University.”
The five-story hotel will be located one mile from the main campus of the University of Delaware and will be the first major-brand hotel in the Newark Downtown District. Amenities will include a breakfast dining area, lobby bar, three meeting rooms, an indoor pool, fitness center, laundry room and marketplace. An on-site restaurant is also planned.