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| DoubleTree by Hilton Hotel Largo/Washington, DC |
CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF)
announced it has secured a $14.14 million refinancing for DoubleTree by Hilton Hotel Largo/Washington D.C., a 184-room,
full-service hotel in the Washington, D.C. community of Largo, Maryland.
HFF worked on behalf of
the borrower, Frontier Development & Hospitality Group, to secure the
seven-year, 4.1-percent, fixed-rate, non-recourse loan through a financial
institution.
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| Nicole Schmidt |
Loan proceeds were used to
refinance an existing construction loan used to acquire, renovate and rebrand
the hotel from a Radisson into a DoubleTree. The financing also enabled the
release of excess land that had been encumbered by the previous loan.
Named the No. 1 hotel on
TripAdvisor for the Largo market, the newly-renovated DoubleTree by Hilton
Hotel Largo/Washington D.C. is the only Hilton-branded hotel in the Largo,
Landover and Hyattsville business corridor.
The six-story hotel
features 2,700 square feet of meeting space; an indoor, heated swimming pool;
fitness center; business center; market pantry and two food and beverage
options, XC BAR & BISTRO and the SC LOUNGE.
Situated at 9100 Basil Court in Largo, the
hotel is located just off Landover Road, which provides easy access to
Interstate 495 (the Capital Beltway).
The hotel is less than two miles from the Largo Town Center Metro
station in the heart of Largo and proximate to FedEx Field.
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| Mark Remington |
The DoubleTree by Hilton Hotel
Largo/Washington D.C. is in the northern part of Prince George’s County, which
has more than 19.7 million square feet of office space.
The HFF debt placement
team representing the borrower was led by director
Jeff Bucaro and real estate analyst Nicole
Schmidt with assistance from managing director Mark Remington.
“This was the second
financing assignment that Jeff has closed for us, and, each time, he was able
to obtain terms that were superior to the market,” said Frontier CEO Evens Charles.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
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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