Tuesday, February 24, 2015

HFF arranges $110 million financing for seven-property, multi-state hotel portfolio in five states

  
Hilton Concord Hotel, Concord, CA


Michael Weinberg
ORLANDO, FL – HFF announced today that it has arranged $110 million in mortgage financing for a seven-property, 2,566-key, full-service hotel portfolio with properties in Florida, California, Virginia, Ohio and New Mexico.

                HFF worked on behalf of the borrower, a joint venture between Värde Partners, Inc; Interstate Hotels & Resorts and Waramaug Hospitality Management, to secure the five-year, floating-rate loan through CCRE.  Loan proceeds will be used to refinance existing debt.

                The portfolio’s seven properties include the 266-key Sheraton Tampa East in Tampa, Florida; the 382-key Sheraton Orlando North and the 718-key Radisson Orlando Celebration in Orlando, Florida; the 329-key Hilton Concord in Concord, California; the 295-key DoubleTree Williamsburg in Williamsburg, Virginia; the 300-key Crowne Plaza Columbus North in Columbus, Ohio; and the 276-key Sheraton Albuquerque Airport in Albuquerque, New Mexico.




Trey Morsbach
                The HFF debt placement team representing the borrower was led by director Michael Weinberg in conjunction with senior managing director and head of HFF’s hotel group Dan Peek, senior managing director Trey Morsbach and real estate analyst Preston Reid

                “The client purchased assets that were desperately in need of capital and were under-managed,” Weinberg said.

  “They spent more than $50 million on extensive renovations, which led to a sharp increase in performance due to the enhanced product offering and professional management.  The performance and exceptional sponsorship were very well received by the debt capital markets.”

                Värde Partners is a $9 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including corporate credit, residential mortgages, real estate, specialty finance, transportation and infrastructure. 

Founded in 1993, Värde Partners employs approximately 200 people with offices in Minneapolis, London and Singapore.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com



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