The portfolio is comprised of 53 limited and select service hotels, including 33 Marriott-branded and 20 Hilton-branded properties. The properties are located in 14 states, primarily in the Sunbelt region.
This round was led by Evli Growth Partners and joined by growth capital investors and prominent European entrepreneurs, including Taavet+Sten, the investment firm of Wise's founder Taavet Hinrikus and Sten Tamkivi, Flashpoint, and Supercell's co-founder Mikko Kodisoja along with existing investors.
MCR has refinanced a 16-hotel portfolio for $333 million, generating $51 million of net proceeds.
While borrowing costs remain elevated due to two years of interest rate increases, experts say there is still money available in the market.
REIT Says It Is Working With Trust Representing Three Banks to Hand Back Keys to 14 Hotels in Eight States
Members of the Lodging Industry Investment Council discussed the state of lending at The Lodging Conference 2023.
Braemar Hotels & Resorts Inc. (NYSE: BHR) announced that it has finalized an extension of its $435 million mortgage loan secured by four properties: The Notary Hotel, The Clancy, Sofitel Chicago Magnificent Mile, and Marriott Seattle Waterfront.
Wyndham Hotels & Resorts, Inc. (NYSE: WH) today announced that it successfully completed the refinancing of its previously outstanding Senior Secured Term Loan B Facility due May 2025. The Company closed on a new $1.1 billion Senior Secured Term Loan B Facility, which will mature in May 2030.
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it has successfully refinanced its mortgage loans for the 157-room La Posada de Santa Fe in Santa Fe, New Mexico, which had a final maturity date in November 2023, and the 252-room Hilton Alexandria in Alexandria, Virginia, which had a final maturity date in June 2023.
HVS Hodges Ward Elliott (HVSHWE) has announced that Tim Barbrook has joined as head of Debt Advisory, launching the firm’s hotel & leisure debt advisory capabilities across the UK and Europe.