NATIONAL REPORT—PMZ Realty Capital LLC arranged a hotel loan, while HREC and Hunter Hotel Advisors coordinated hotel sales across the country. Here’s a look at recent transactions:
PMZ Realty Capital LLC Arranges Fixed-Rate Loan for Embassy Suites Atlanta
PMZ Realty Capital LLC arranged a $83.5 million fixed-rate loan for the 321-suite Embassy Suites Centennial Park in Atlanta on behalf of Legacy Ventures. In addition, the hotel is located by The Centennial Yards project, a $5 billion mixed-use development projected to reshape downtown Atlanta that will include a projected nine million sq. ft. of new office space over the next decade.
HREC Arranges Sale of Comfort Inn & Suites in Baltimore
HREC Investment Advisors has arranged the sale of the 161-guestroom Comfort Inn & Suites BWI Airport located in Baltimore. HREC Investment Advisors represented the seller during the transaction. The sale was negotiated by Ketan Patel, managing director, and Kevin Hanley, SVP, in the Washington, DC office.
HREC Arranges Sale of Hampton Inn & Suites in Hershey, PA
HREC Investment Advisors has arranged the sale and purchase financing of the 110-guestroom Hampton Inn & Suites located in Hershey, PA. The sale was led by Ketan Patel, managing director, and Kevin Hanley, SVP, in the Washington, DC office and purchase financing was led by Greg Porter, SVP of the HREC Capital Markets Group, in the San Diego office. The non-recourse acquisition loan was sized to 72.6% of the purchase price plus budgeted PIP cost and 71.5% of the property’s post-PIP value and has a 10-year fixed rate of 4.35% and 30-year amortization.
Hunter Hotel Advisors Closes Sale of Hampton Inn Gainesville, FL
Hunter Hotel Advisors has completed the sale of the Hampton Inn, Gainesville, FL. The buyer, a regional hotelier from Northeast Florida, paid $10.2 million for this 100-room property. The seller is a private-equity firm from California. The University of Florida is located nearby, and the hotel has a strong year-round occupancy thanks to corporate and medical travelers accessing the area, according to the company.