NATIONAL REPORT—A refinancing and two sales make up some of the recent deals across the hotel industry:
HFF Refinances Hilton in Lexington, KY
Holliday Fenoglio Fowler L.P. (HFF) has arranged a $39.2 million refinancing for the Hilton Lexington Downtown, a 366-room, full-service, Hilton-branded hotel along with the adjacent parking garage in downtown Lexington, KY. The HFF team worked on behalf of the borrower, a fund affiliated with The Madison Companies, to place the three-year, floating-rate loan with two one-year extensions with a national lender. Loan proceeds will be used to retire an existing CMBS loan and fund both the purchase of the adjacent parking garage and a multimillion-dollar planned property improvement plan, which will include adding three rooms to the hotel and completely renovating guestrooms, the lobby, food and beverage outlets along with upgrades to the meeting space.
HFF Closes Sale and Arranges Financing for Two Hotels in Nantucket, MA
HFF has closed the sale and arranged acquisition financing for The Veranda House Hotel Collection, two adjacent boutique hotel properties totaling 29 guestrooms in Nantucket, MA. HFF represented the private sellers in the sale of the properties to affiliates of Procaccianti Companies. Additionally, HFF worked on behalf of the buyer to secure the 10-year, fixed-rate acquisition financing through Savings Institute Bank & Trust.
Condor Hospitality Trust Closes on Sale of Final Non-Core Legacy Hotel
Condor Hospitality Trust Inc., a hotel-focused real estate investment trust headquartered and incorporated in Maryland, has closed on the sale of a legacy hotel asset, the 59-room Quality Inn & Marina in Solomons, MD for $4.3 million. Net proceeds from the sale will be applied to outstanding debt on the company’s $150-million secured credit facility.