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| Jon S. Wright |
NASHVILLE, TN and ATLANTA, GA (Jan. 17, 2013)—Access Point
Financial, Inc., (APF) a direct full-service lending and advisory firm focused
on the hospitality industry, today announced it has provided first mortgage
financing for a $37.5 million, 245-room dual-branded Marriott project located
in the Midtown-West End district of Nashville, Tenn.
The eight-story, mixed-use project is being developed by ACE
Hospitality, a well-regarded developer/owner with a successful history as a
hotelier in Nashville.
The hotel complex will comprise a 145-room Residence Inn
and a 100-room SpringHill Suites by Marriott. The property, currently
set to break ground by the end of the month, is expected to open in 2014. The hotel will be managed by Marriott
International.
Located at the intersection of 18th St. and Hayes Ave., the
hotel is being built on the site of the former Days Inn Vanderbilt, around the
corner from Music Row and Vanderbilt University. The hotel also will be convenient to the 1.2 million-square-foot
Music City Convention Center scheduled to open midyear and the adjacent Country
Music Hall of Fame expansion at the same site.
“This is a
well-conceived project, in a great location, further enhanced by longstanding
relationships with both Marriott and the developer,” said Jon S. Wright president and CEO of Access Point
Financial.
“While our sweet spot
continues to be financing the long-delayed CapEx projects as well as providing
bridge financing for low leveraged refinance or acquisitions, we lend to
quality projects such as this.
" The
borrower’s proven 20-year track record, combined with the city’s robust growth
outlook and strong brand affiliations, made this a perfect fit for our lending
platform.”
For a complete copy of the company’s news release, please contact:
Jerry Daly, Chris Daly
(703) 435-6293
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