Tuesday, March 7, 2017
HFF arranges $45 million refinancing for 4-property Marriott-branded hotel portfolio in Tennessee and Texas
NEW YORK, NY -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $45 million refinancing for a portfolio comprising four Marriott-branded hotels totaling 441 rooms in College Station and Round Rock, Texas, and Nashville, Tennessee.
HFF worked on behalf of the borrower, Wheelock Street Capital, LLC (Wheelock), to place the three-year, floating-rate loan with two one-year extensions with a national bank.
The loan was used to take out existing acquisition financing and provide capital to continue the borrower’s property improvement plan.
The portfolio, which the borrower acquired in 2013, comprises two properties in Texas, the 125-room Courtyard Marriott in College Station and the 113-room Courtyard Marriott in Round Rock, and two in Nashville, Tennessee, the 94-room Courtyard Marriott Opryland and the 109-room Fairfield Inn & Suites Opryland.
All four hotels are located next to significant demand drivers in their respective markets. The Nashville hotels are located at 225 and 125 Music City Circle approximately one mile from the Gaylord Opryland Resort and Convention Center and the Grand Ole Opry.
The Courtyard College Station, at 3939 State Highway 6, is at the main campus of the Texas A&M University System, and the Courtyard Round Rock is at 2700 Hoppe Trail next to the 2.1 million-square-foot Dell world headquarters and an additional nine million square feet of premier office space within a five-mile radius.
The HFF debt placement team representing the borrower was led by managing director Steven Klein, director Casey Wenzel and associate Rory Shepard.
“A large part of the success of this transaction is attributable to Wheelock’s ability to increase the hotels’ performances through both their institutional ownership and deep knowledge of improving and operating hotel portfolios as well as the strategic locations next to significant demand drivers in their respective submarkets,” Klein said.
For a complete copy of the company’s news release, please contact:
Kristen M. Murphy
Director, Public Relations
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
Posted by Alex at 11:40 AM