MIAMI—Aztec Group Inc.’s Boaz Ashbel, senior managing director, has arranged a $75.1-million first mortgage loan for the InterContinental Hotel in Kansas City, MO, on behalf of The Procaccianti Group. The loan was placed with Deutsche Bank.
Formerly a Ritz-Carlton and a Fairmont, the InterContinental Hotel Kansas City is a 12-story, 366-room, full-service hotel, offering an upscale restaurant, private club lounge, business center, fitness facility, outdoor pool, concierge services, florist and gift shop. Included in the new loan are substantial funds earmarked for the renovation and upgrade of the property. The hotel will continue to be professionally managed by TPG Hospitality, which has operated it since 2006.
The Country Club Plaza district, currently under contract for $660 million, is a 15-block outdoor destination surrounded by shopping, dining and entertainment venues spanning 1.3 million sq. ft. The area hosts 16.5 million visitors annually, according to the company.