WASHINGTON, D.C. – HFF announced that it has secured $30 million in financing for the Sheraton Salt Lake City (top left photo), a 362-room, full-service hotel in downtown Salt Lake City, Utah.
Working exclusively on behalf of Driftwood Hospitality Management and a global real estate private equity fund, HFF placed the three-year, 4.4 percent fixed-rate loan with C-III Capital Partners, LLC. Proceeds were used to refinance the property.
The Sheraton Salt Lake City is located at 150 West 500 South close to the Salt Palace Convention Center, the Utah State Capital and Gallivan Center in downtown Salt Lake. Renovated in 2009, the hotel features an outdoor pool, indoor whirlpool, sauna, massage and body salon, fitness center and complimentary shuttle service to the surrounding area.The HFF team representing the borrower was led by managing director Mark Remington, director John Bourret (middle right photo) and senior managing director Mona Carlton (lower left photo).
“Hotels are difficult to finance, but this property ramped up quickly after its renovations and outperforms its competition thanks to dedicated ownership and strong management, all of which created a desirable lending opportunity,” said Remington.
Driftwood Hospitality Management is a hotel management company that operates and develops hotels in the U.S., the Caribbean, and Latin America.
Contacts:
Mark T. Remington, HFF Managing Director, (202) 533-2500 mremington@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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