NATIONAL REPORT—Financial transactions are happening in major markets including in NYC, Austin and out West in California. Here’s a closer look at the deals from Avana Capital, HFF and RobertDouglas:
World’s Tallest Modular Hotel Secures $65M Construction Loan
Avana Capital closed a $65-million construction loan to 842 enterprises, providing funding to develop with modular construction of the AC Marriott hotel located in the Chelsea area of New York City. The property will have 26 stories, 168 guestrooms and will provide guests with ample amenities. At completion, it will be the tallest modular hotel in the world. The hotel will be located in Manhattan at 842 Sixth Ave., within the NoMad (Madison Square North) neighborhood.
HFF Refinances Hotel in Austin, TX
Holliday Fenoglio Fowler L.P. (HFF) has arranged a refinancing of the Aloft and Element Austin Downtown. HFF worked on behalf of the borrower, White Lodging, to place the 10-year, fixed-rate loan with PGIM Real Estate Finance. Loan proceeds will be used to retire the existing construction loan, repatriate a portion of sponsor equity and cover closing costs. The dual-branded development opened in July 2017 as the first dual-branded hotel in Austin and includes the LEED-certified 278-room Aloft Austin Downtown and 144-suite Element Austin Downtown along with two restaurants and bars.
Chartres Lodging Gets Acquisition & Redevelopment Financing
RobertDouglas has advised The Chartres Lodging Group in securing acquisition and redevelopment financing for its purchase of Dr. Wilkinson’s Hot Springs Resort in Downtown Calistoga, CA. Chartres Lodging is a San Francisco-based hotel investment company with expertise in executing value-add hotel transformations. The floating-rate financing was provided by a leading alternative credit manager focused on high0quality, floating-rate debt. The 42-room Dr. Wilkinson’s Resort has an on-site spa and multiple outdoor and indoor pools.