Wednesday, April 29, 2015

Meridian Capital Group Arranges $18.2 Million in Bridge Financing for the Acquisition of the Holiday Inn Savannah Historic District Hotel Property in Savannah, GA

Holiday Inn Savannah Historic District Hotel
Savannah, GA
 Boca Raton, FL, April 29, 2015– Meridian Capital Group, America’s most active debt broker, negotiated an $18.2 million bridge loan for the purchase of the Holiday Inn Savannah Historic District hotel property located in Savannah, GA.

The two-year interest-only loan, provided by a balance sheet lender with an exit to CMBS execution, features a floating-rate of 380 basis points over the 30-day LIBOR rate and a one-year extension option. 

This transaction was negotiated by Meridian Capital Group Director, Noam Kaminetzky, who is based in the Company’s Boca Raton, FL office.

The five-story hotel property totals 127 rooms and is located at 15 Martin Luther King Jr. Boulevard in Savannah, GA. The Holiday Inn Savannah Historic District opened in 2007 as a Four Points by Sheraton but underwent a multi-million dollar renovation in 2013 and reopened in April 2014 as a Holiday Inn. Prior to the renovation, the hotel was significantly underperforming compared to the market and there was tremendous upside.

“The borrower is a large hotel operator in the United States and internationally. 

"Obtaining a non-recourse bridge loan provided the sponsor with an opportunity to implement their proven operating methodology and allow the asset to further season. 

"Upon several years of improved operating history, the value created will be substantial and the borrower’s plan of recapitalizing the asset with permanent debt will provide a handsome return for them,” said Mr. Kaminetzky. “This loan closed in 45 days from start to finish, which was a huge accomplishment, considering all the moving parts of the transaction,” he added.

For a complete copy of the company’s news release, please contact:

Jonathan M. Stern
Managing Director
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
Direct: 212.612.0181
Fax: 212.201.5181

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