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| Steven Klein |
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.
 |
| Casey Wenzel |
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
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