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| Hilton Concord Hotel, Concord, CA |
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| 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.
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| 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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