This roundup features the latest financing of U.S. hotel industry deals and projects.
(Corrected on Aug. 19 to amend the lender and the room count of the SpringHill Suites in South Carolina entry.)
Hyatt Place in Suburbs of Nashville, Tenn.
Lender: Arriba Capital
Value: $18.5 million
Date of Loan: Aug. 4, 2021
Takeaway: The financing was a ground-up conventional construction loan for the property. The firm also arranged the ground lease for the property on behalf of an undisclosed borrower.
SpringHill Suites in South Carolina
Lender: Greenlake Asset Management
Value: $15.9 million
Date of Loan: July 27, 2021
Takeaway: The ground-up construction financing was for a 104-key SpringHill Suites property near Fort Jackson. The three-year loan came in at 80% loan to cost.
Moxy Lower East Side Manhattan
Lender: MSD Partners and Lionheart Strategic Management
Borrower: The Lightstone Group
Value: $130 million
Date of Loan: July 26, 2021
Takeaway: The financing is for the ground-up construction of a 16-story, 303-key Moxy hotel that will be managed by Tao Hospitality Group.
Westin Baltimore, Washington Airport — BWI
Lender: PMZ Realty Capital and an undisclosed life insurance company
Value: $27 million
Date of Loan: July 20, 2021
Takeaway: The non-recourse loan will be used to refinance the existing mortgage at the property, which had matured.
Hyatt Hotel Nue
Lender: Columbia Pacific Advisors
Borrower: S3D Partners, LLC
Value: $27 million
Date of Loan: June 24, 2021
Takeaway: The bridge loan refinanced the debt on the 64-room property in Los Angeles following the completion of construction.
Four Seasons Resort & Residences in Miami
Lender: JLL Hotels & Hospitality and an undisclosed lender
Borrower: Fort Hospitality Group
Value: $105 million
Date of Loan: July 20, 2021
Takeaway: The floating rate loan covered the acquisition of the 221-key property in Miami's Brickell business district.
Two Marriott-Flagged Properties in Southaven, Miss.
Lender: Knighthead Funding
Value: $12.1 million
Date of Loan: July 20, 2021
Takeaway: The three-year, non-recourse loan refinanced the commercial mortgage-backed securities debt on an 85-key Courtyard by Marriott property and a 78-key Residence Inn by Marriott property.
Silver Spur Resort
Lender: North Avenue Capital
Value: $6.7 million
Date of Loan: July 19, 2021
Takeaway: The government-guaranteed loan will pay off construction loans and refinance existing debt for the 36-acre Canton, Texas, resort property.
Home2 Suites by Hilton Hilton Head
Lender: PMZ Realty Capital
Value: $7.1 million
Date of Loan: June 4, 2021
Takeaway: The non-recourse loan will refinance the original construction funding on the 99-key property.