DALLAS, TX – HFF announced today that it has arranged $23.37 million in financing for a five-property TownePlace Suites by Marriott hotel portfolio in Texas and Alabama.
HFF worked on behalf of the borrower, GVM Hotel Partners, LLC to secure the three-year, adjustable-rate loan through Texas Capital Bank. Loan proceeds were used to acquire the portfolio.
GVM Hotel Partners, LLC is a joint venture of affiliates of Gatehouse Capital, Varro Hospitality and a private investor, which was formed to acquire and manage a portfolio of premium-branded, select-service, limited-service, and extended-stay hotels in major Texas markets.
The TownePlace Suites by Marriot are located in Austin, College Station and Houston, Texas as well as Birmingham, Alabama. In total, the hotels comprise 571 rooms and were built between 1999 and 2001.
The HFF team representing the borrower was led by directors Travis Anderson (top right photo) and John Bourret.
“HFF did a great job identifying and evaluating our credit options with the portfolio, in an interesting climate,” said Marty Collins of Gatehouse Capital. “We couldn’t be more satisfied on placement and terms with Texas Capital.”
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