NATIONAL REPORT—Buying, selling and financing are the name of the game. Here’s a look at hotel transactions from Mumford Company, RLH Corporation, Aries Conlon Capital, and more.
Mumford Company Completes Sale of Hampton Inn Richmond-West
Mumford Company has completed the sale of the Hampton Inn Richmond-West in Glen Allen, VA. The 135-room property is located in the Innsbrook area of Richmond, VA.
RLH Corp. Closes Sale of Hotel RL Spokane at the Park
RLH Corp. has sold Hotel RL Spokane at the Park for $35 million. The hotel is the ninth of 11 hotels being marketed for sale previously disclosed in October 2017. RLH Corp.’s total gain on the sale is expected to be approximately $14.8 million. Together with the other eight previously announced sales, RLH Corporation’s gain on sales is approximately $42.2 million.
Aries Conlon Capital Closes Loan for Holiday Inn Express in Florida
Aries Conlon Capital has closed on a $9 million, non-recourse, CMBS permanent loan for the refinance of the Holiday Inn Express Lake Wales N-Winter Haven in Lake Wales, FL. Aries Conlon Capital SVP Francisco Nacorda originated the loan on behalf of the hotel’s owner, Dr. Japinder Singh. The 10-year, fixed-rate loan was closed at a 69% loan-to-value ratio with a 30-year amortization. Aries Conlon Capital SVP Heather Madsen and Associate VP Prabhat Jayara assisted with the transaction’s underwriting and closing.
Berkadia Secures Combined $21M in Financing for Two Hotel Properties
Berkadia has secured $21 million in combined financing for Hampton Inn West Dodge located in Omaha, NE and Embassy Suites in Tucson, AZ. Director Adrienne Kautzman of Berkadia’s Phoenix office secured the financing for the two hotel properties managed by Lodging Dynamics Hospitality Group out of Provo, UT. Hampton Inn West Dodge received $7 million in permanent financing.