Monday, June 1, 2015

HFF secures $25 million refinancing for DoubleTree Suites by Hilton Hotel Minneapolis

                        
DoubleTree Suites by Hilton Hotel Minneapolis, Downtown Minneapolis, MN

Steven Klein
NEW YORK, NY, June 1, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $25 million refinancing for the DoubleTree Suites by Hilton Hotel Minneapolis, a 229-key, full-service hotel in downtown Minneapolis, Minnesota. 

HFF worked on behalf of the borrower, Wheelock Street Capital L.L.C, to secure the three-year, floating-rate loan with two optional one-year extensions through BBVA Compass Bank. 

Loan proceeds will be used to refinance a loan, which was assumed by the borrower upon its acquisition of the property in 2012.

The 12-story DoubleTree Suites by Hilton Hotel Minneapolis is an all-suite hotel located in the heart of downtown Minneapolis at 1101 LaSalle Avenue.

 The hotel is within walking distance of the Minnesota Convention Center, Orpheum Theatre, University of St. Thomas – Minneapolis and the Loring Greenway, and is across the street from Target’s corporate headquarters.  Renovated in 2013, the 150,752-square-foot hotel has 229 suites averaging 446 square feet. 

The HFF debt placement team representing the borrower was led by managing director Steven Klein and real estate analyst Sam Nidenberg.  

”Since acquiring the asset in 2012, Wheelock created tremendous value through its hands on approach to asset management,” Klein said.  “BBVA Compass provided an attractive and flexible loan, which enabled the borrower to continue to execute its business plan and enhance the asset.”

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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