NATIONAL REPORT— Merchants Hospitality, Davis Capital and Getaway have revealed financing deals. Here’s a look:
Merchants Hospitality Closes on $42 Million Financing for Cachet Hotel
Merchants Hospitality and Roche Enterprises have successfully closed on a $42 million mortgage financing on their Cachet Hotel at Hudson Yards North in Manhattan. The $42 million financing, provided by Taconic Capital Advisors, replaces the construction financing that ownership utilized to completely renovate the hotel and retail spaces over the last 12 months. In addition to the financing, Merchants Hospitality and Roche Enterprises have funded more than $45 million in equity into the Cachet Hotel. Ownership was advised on the transaction by Robert Verrone and Christopher Herron of Iron Hound Management.
Davis Hotel Capital, National Property Inc. Arrange Construction Financing for new Le Meridien Hotel in Arcadia, CA
Davis Hotel Capital and National Property have arranged construction financing of $43.5 million for the development of a 233-key Le Meridien Hotel in Arcadia, Calif. The developer of the project is SAICP.
Getaway Raises $22.5M in Series B Funding Led by Starwood Capital Group
Getaway has closed a $22.5M Series B financing round. The round was led by a controlled affiliate of Starwood Capital Group, with continued support from L Catterton and other existing shareholders. This new round of funding will allow Getaway to continue its expansion in pursuit of its mission to offer overworked, overconnected people a chance for a mindful escape.