$59M Hotel Construction Loan;
$72.5M CMBS Take-Out Permanent Loan;
208-room full-service hotel, consisting of two 4-story buildings and a 340-space parking structure, plus including a restaurant/bar and 10,000 square feet of meeting space
The property was originally slated to carry a 4.5-star flag, but because of favorable capital markets feedback during the construction loan solicitation process, the Borrower decided to operate the property as an independent hotel, creating substantial additional cash flow and value. Prior to opening the hotel, the Borrower received an excellent franchise proposal from InterContinental Hotels and Resorts and currently operates the hotel as an InterContinental hotel.
In 2015 Highland Realty Capital assisted the Borrower in refinancing the hotel with a 10-year fixed rate CMBS loan that paid off the all of the initial project debt and returned all of the Borrower’s initial capital.