Largo Finances $28 Million for Hotel Properties
BUFFALO, NY – June 17, 2016– Lori Tirado, Managing Director of the Largo Hospitality Finance Group, secured $28 million in financing for six hotel properties located across the northeast and southeast. The properties consisted of the Sheraton Providence Airport Hotel located in Warwick, Rhode Island; the Comfort Inn and the Comfort Suites in Forsyth, Georgia, as well as, the Comfort Suites in Locust Grove, Georgia. In addition, Lori financed a Fairfield Inn and Suites in Bluffton, South Carolina and a Best Western Plus in Denton, Texas.
Sheraton Hotel – Rhode Island
For the Sheraton Hotel, Tirado arranged a bridge loan, with an 18-month interest only period, for the acquisition and conversion of the existing hotel to a Four Points Sheraton. As part of the re-positioning, the 207 room, full-service hotel will undergo an extensive renovation. The hotel is located less than a half mile from T.F. Green Airport, Rhode Island’s major airport.
Comfort Suites – Georgia
The 62-room Comfort Suites in Locust Grove, Georgia and the 53-room Comfort Suites in Forsyth, Georgia were both built in 2009 and are situated off of Interstate-75 providing ideal visibility and accessibility for transient travelers. For both transactions, Tirado secured a non-recourse, fixed rate, permanent first mortgage with a 10-year term and 20-year amortization.
Comfort Inn – Georgia
The 59-room Comfort Inn Hotel in Forsyth, Georgia is also located directly off of Interstate 75 adjacent to the Comfort Suites. The borrower built the property in 1998 and has owned it since then, ensuring optimal management performance. The hotel has maintained a strong historical ADR, RevPar and the top occupancy in the market. Tirado arranged a 15-year fixed rate self-amortizing loan, with a sub-4.25% interest rate, for the borrower through one of Largo’s correspondent life insurance companies.
Fairfield Inn & Suites – South Carolina
Tirado also arranged financing on a Fairfield Inn & Suites located in Bluffton, South Carolina, just outside of Hilton Head Island. The purpose of the loan was to refinance the existing debt and complete Marriott’s required PIP renovation. Tirado arranged a 10-year, non-recourse, fixed rate permanent first mortgage with 25-year amortization for the borrower. The hotel performs really well within its competitive set, with its primary demand generators being Hilton Head Island, as well as the Marine Corp Recruit Depot at Parris Island and several local colleges.
Best Western Plus – Texas
Lastly, Tirado secured financing for the 65-room Best Western Plus in Denton, Texas. The property was developed by the borrower in 2000 and has remained a Best Western Plus since conception. Tirado secured a 15-year, self-amortizing loan through one of Largo’s correspondent life insurance companies.