Financing Amount:
Acquisition Bridge & Capital Improvements
Capital Source:
Specialty Hospitality Finance Company
Transaction Details:

The Comfort Inn is a 3-story, 122 key, limited service hotel built in 1997 and located in Phoenix Arizona. The buyer is an established hotel owner/operator, based in Toronto, with assets located throughout the United States and Canada. The property was purchased for $6.3 million, or $51,340 per key, with a $1.1 million major renovation planned throughout the interior and exterior of the project.

The $5.9 million dollar loan represents approximately 80% of the total cost and was broken up into two separate loans with the same lender. The property was purchased with a $4.8 million bridge acquisition loan based on a 36 month term. The loan included 18 months of interest only payments followed by a 25 year amortization schedule and was secured by a first deed of trust on the building and land. The second $1.1 million Capex loan was based on an 84 month fully amortizing term which included 12 months of interest only payments and was secured by the FF&E at the property.

The loan was closed in 30 days.

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