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| Tal Bar-Or |
New York, NY, March 24, 2015, – Meridian Capital Group,
America’s most active debt broker, negotiated permanent financing for the
recapitalization of the DoubleTree by
Hilton Orlando Downtown located in Orlando, FL on behalf of Glenmont
Capital Management, LLC.
The flexible balance sheet loan features a low floating-rate
over 30-day LIBOR, with multiple extension options. This transaction was
negotiated by Meridian Capital Group Managing Director, Tal Bar-Or, who is based in the Company’s New York City
headquarters.
The 342-room hotel located at 60 South Ivanhoe Boulevard,
then a distressed hotel property operating as a Sheraton, was acquired by
affiliates of Glenmont Capital Management in late 2009 from a specialty lender
that had recently foreclosed on the property.
Following
acquisition, Glenmont implemented a comprehensive repositioning plan that
included the installation of new management, completion of an extensive
renovation and the re-branding of the property to the DoubleTree by Hilton
Orlando Downtown.
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| Doubletree by Hilton Orlando Downtown Hotel |
With the multi-year repositioning plan complete, Glenmont
sought to recapitalize its investment through a debt financing.
“This represents our second transaction with Glenmont in
recent months.
"We are quite pleased to have been given the opportunity to
assist with this attractive recapitalization, helping our client to monetize a
portion of the significant value they have created in repositioning this well
located hotel property.
“We look forward to continuing to grow our relationship with
Glenmont,” said Mr. Bar-Or.
For a complete copy
of the company’s news release, please contact:
Jonathan Stern
Meridian Capital Group
212/972-3600
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