3650 REIT Refinances Thompson in San Antonio; and More
A joint venture of The LCP Group and Safanad recently acquired The Postcard Inn St. Pete Beach, Florida. (CoStar)
By Sean McCracken
Hotel News Now
March 24, 2022 | 5:18 AM
(Corrected on March 24 to amend the loan specifics in the fourth list entry.)
This roundup features the latest financing of U.S. hotel industry deals and projects.
Days Inn by Wyndham Clinton
Lender: Avatar Financial Group
Value: $2 million
Location: Clinton, North Carolina
Date of Loan: March 21, 2022
Takeaway: The acquisition bridge loan came at a 8.99% rate with a one-year term.
Portfolio of Three Motel 6 Properties
Lender: Stabilis Capital Management/Monolith Debt Strategies/Brokered by Black Bear Capital Partners
Value: $43.5 million
Location: Las Vegas, Nevada
Date of Loan: March 22, 2022
Takeaway: The one-year, floating rate, non-recourse loan was for the acquisition of previously corporate-owned Motel 6 hotels with a total of 606 rooms by a private investor.
The Postcard Inn
Lender: BlackRock/Brokered by CBRE
Borrower: A joint venture of The LCP Group and Safanad
Value: $72.25 million
Location: St. Pete Beach, Florida
Date of Loan: March 14, 2022
Takeaway: TPG Hotels & Resorts was the seller of the property.
Thompson San Antonio — Riverwalk Hotel
Lender: 3650 REIT
Borrower: DC Partners
Value: $38 million
Location: San Antonio, Texas
Date of Loan: March 8, 2022
Takeaway: The loan used to refinance the luxury, lifestyle hotel carries a term of 30 months and two six-month extension options.
Two Ohio Hotels
Lender: An unnamed life insurance company/Brokered by PMZ Realty Capital
Value: $18.4 million
Location: West Chester, Ohio
Date of Loan: Feb. 3, 2022
Takeaway: The interest-only refinance loan was for the Residence Inn Cincinnati North/West Chester and the Courtyard Cincinnati North at Union Centre.
As Covered in CoStar