On Jan. 1, U.S. banks are required to adopt new underwriting criteria based on Basel-3 guidelines, which will sharply increase the capital banks must hold in reserve against “acquisition, development, or construction” loans above 80 percent loan-to-value (LTV) and where up-front capital contribution is less than 15 percent of the project’s “as completed” value. Where banks typically reserve at least …
Buffalo, NY & Toronto, ON – October 23, 2014 – Largo finances $8.15 million for two hotel properties located in Nashville, TN and Kalamazoo, MI. Lori Tirado, Managing Director of the Largo Hospitality Finance Group, arranged $5.25 million in financing for a 65 room Comfort Suites in Nashville, Tennessee. The Comfort Suites is situated within a pocket of commercial development …
As the economy continues to improve, hoteliers have many more options when it comes time to finance their property; though lenders still have their qualms and are slightly more reserved with hotel assets versus other income producing properties. There are 8 factors to be aware of when it comes time to finance your hotel. What are the hotel demand drivers? …
Kevin Heiss, Managing Director of Largo, arranged $6.95 million in financing for two hotel properties located in Cheektowaga and Dunkirk, New York. Both properties have long-term franchise agreements with Choice Hotels. The first property, Quality Inn Airport, recently underwent an extensive PIP renovation required by the Franchisor. The hotel now features 104 newly renovated rooms and is within minutes of …
Lori Tirado, Managing Director with the Largo Hospitality Finance Group, arranged $5.7M to refinance the existing debt on an 82 room Comfort Suites located in Bloomsburg, Pennsylvania. The hotel was built in 2009 and requires a minor PIP that was financed with loan proceeds. The hotel is conveniently situated just off Interstate 80, the main highway that services the central …
John Svec, Managing Director of the Largo Hospitality Finance Group, arranged $6 million to refinance the existing debt on the 99-room Hampton Inn in Fishkill, New York. Built in 1998 with excellent visibility from I-84, the hotel is professionally managed and consistently performs at the top of its competitive set. The Hampton Inn Fishkill services numerous Hudson Valley tourist attractions and universities, …
Lori Tirado, Managing Director of the Largo Hospitality Finance Group, arranged $1.85 million to refinance the existing debt on a Red Roof Inn located near the Piedmont Triad International Airport in Greensboro, North Carolina. The hotel consists of 108 rooms and recently underwent numerous renovations to keep up with the Red Roof Inn’s brand commitment of delivering simplicity and economy without …
Kevin Heiss, Managing Director of the Largo Group of Companies, has arranged $39,100,000 for the financing of three properties in Edmonton, Alberta and Toronto, Ontario. The collateral consists of a hotel, a multifamily development and ground floor retail in a condominium building. The first transaction involved a $17,250,000 mortgage secured by a 177 room Courtyard by Marriott in downtown Edmonton. …
Kevin Ross, Account Executive for Largo Capital Limited, arranged a permanent first mortgage in the amount of $5,580,000 for the acquisition of a 95 room Holiday Inn Express in Bowmanville, Ontario. The hotel is located just off Highway 401, the busiest highway in Canada. Bowmanville is the largest city in the Municipality of Clarington and is about 45 minutes east …
Brian arranged a 10 year sub 4% fixed rate loan and a 30 year amortization schedule. …
