NATIONAL REPORT—Pebblebrook and Mag Mile have completed hotel transactions. Here’s more on the recent sale and financing deal:
Pebblebrook Completes Sale of Union Station Hotel Nashville, Autograph Collection
Pebblebrook Hotel Trust has closed on the sale of the 125-room Union Station Hotel Nashville, Autograph Collection in Nashville, TN, for $56 million to a third party. Proceeds from the sale of Union Station Hotel Nashville, Autograph Collection will be utilized for general business purposes, which may include reducing the company’s outstanding debt.
Mag Mile Capital Completes Bridge Loan for Hotel Property in Chicago Area
Mag Mile Capital’s Principal/CEO Rushi Shah and VP Prabhat Jayara have completed an interest-only bridge loan for the acquisition of the Chicago Marriott Northwest located in Hoffman Estates, IL. The Ghoman Group, based in Indianapolis, came to Mag Mile Capital to finance the acquisition of the 295-room hotel in the northwest suburbs of Chicago. The borrower has hospitality experience, and due to a seller dispute and COVID-19 concerns, was able to purchase the property at a significant discount. Mag Mile Capital was able to arrange an interest-only, 24-month bridge loan with a 65% loan-to-value ratio. An interest reserve was also structured at closing, so the borrower will not have to make payments for 12 months. The loan was closed with an 11% floor rate and can be paid off with no penalty after 12 months.