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| Holiday Inn Express, Springfield, VT |
BOSTON, MA –
June 9, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged financing totaling more than $50 million in four separate transactions
in a two-month timeframe on behalf of Linchris Hotel Corporation.
The properties
financed are: the Holiday Inn Express Springfield in Springfield, Vermont; the
Holiday Inn Express Poughkeepsie in Poughkeepsie, New York; the Howard Johnson
Hialeah Gardens in Hialeah Gardens, Florida; and a Wyndham hotel in Andover,
Massachusetts.
All of the
loans were fixed-rate with the exception of the Hialeah Gardens property, which
was floating.
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| Greg LaBine |
A breakout of the
properties and individual loan details is below:
Property Size Term Lender
- Holiday Inn Express 88 Rooms 10 years Mortgage Stanley Bank, N.A.Springfield, VT
- Holiday Inn Express 121 Rooms 10 years Ladder Capital Poughkeepsie, NY
- Howard Johnson 259 Rooms 36 months Marathon Asset Management Hialeah Gardens, FL
- (Howard Johnson to be converted to a Holiday Inn)
- 123 Old River Road, 293 Rooms 10 Years East Boston Savings Bank Andover, MA
(Wyndham to
be converted to a DoubleTree)
The HFF debt
placement team representing Linchris was led by managing director Greg LaBine and real estate analyst Patrick McAneny. LaBine was also supported by associate
director Scott Wadler and real
estate analyst Maxx Carney on the
Florida transaction.
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| Scott Wadler |
“These deals
had quite a lot of variety. Two were
refinances, while the other two were acquisitions that involved significant
capital improvements and rebranding of the flags.
"One involved a leasehold mortgage where the
land was held in a common law TIC dating back to 1966.
"The lenders included two CMBS lenders, a
hedge fund and a bank. There was however
one common theme that unified these deals.
In all cases, Linchris’ track record of providing the highest level of
service to their customers while operating their hotels to an exceptional
profit margin was the compelling feature that made these transactions a
success,” said LaBine.
“We were
ecstatic with the funding that HFF was able to procure. They succeeded beyond our expectations,”
added Glenn Gistis, chief financial
officer of Linchris Hotel Corp.
For a complete copy of the company’s
news release, please contact:
Kristen M.
Murphy
Associate
Director
HFF | One
Post Office Square, Suite 3500 | Boston, MA 02109
Main:
617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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