Tuesday, June 9, 2015

HFF arranges more than $50 million in financing for Linchris Hotel Corporation in four separate transactions


Holiday Inn Express, Springfield, VT
BOSTON, MA – June 9, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing totaling more than $50 million in four separate transactions in a two-month timeframe on behalf of Linchris Hotel Corporation.  

The properties financed are: the Holiday Inn Express Springfield in Springfield, Vermont; the Holiday Inn Express Poughkeepsie in Poughkeepsie, New York; the Howard Johnson Hialeah Gardens in Hialeah Gardens, Florida; and a Wyndham hotel in Andover, Massachusetts.

All of the loans were fixed-rate with the exception of the Hialeah Gardens property, which was floating.  

Greg LaBine
A breakout of the properties and individual loan details is below:

Property     Size                         Term              Lender

  • Holiday Inn Express  88 Rooms 10 years Mortgage Stanley Bank, N.A.Springfield, VT                                                                                
  • Holiday Inn Express 121 Rooms 10 years Ladder Capital Poughkeepsie, NY
  • Howard Johnson 259 Rooms 36 months Marathon Asset Management Hialeah Gardens, FL                                                                             
  • (Howard Johnson to be converted to a Holiday Inn)
  • 123 Old River Road, 293 Rooms 10 Years East Boston Savings Bank Andover, MA                                                                                       

(Wyndham to be converted to a DoubleTree)

The HFF debt placement team representing Linchris was led by managing director Greg LaBine and real estate analyst Patrick McAneny.  LaBine was also supported by associate director Scott Wadler and real estate analyst Maxx Carney on the Florida transaction.


Scott Wadler
“These deals had quite a lot of variety.  Two were refinances, while the other two were acquisitions that involved significant capital improvements and rebranding of the flags.  

"One involved a leasehold mortgage where the land was held in a common law TIC dating back to 1966.  

"The lenders included two CMBS lenders, a hedge fund and a bank.  There was however one common theme that unified these deals.

  In all cases, Linchris’ track record of providing the highest level of service to their customers while operating their hotels to an exceptional profit margin was the compelling feature that made these transactions a success,” said LaBine.

“We were ecstatic with the funding that HFF was able to procure.  They succeeded beyond our expectations,” added Glenn Gistis, chief financial officer of Linchris Hotel Corp.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

No comments: