CBRE | Hotels Debt & Equity Finance Team advises on refinancing of the Residence Inn Norfolk Airport
SAN DIEGO, CALIF. – February 2, 2011 - CBRE Hotels|Finance acted as the exclusive financial advisor to LTD Hospitality Group (“LTD”), which acted on behalf of the ownership group in the refinancing of the Residence Inn Norfolk Airport. Located at 1590 North Military Highway Norfolk, Virginia, the AAA rated three-diamond hotel was developed by LTD and contains 130 guestrooms, 1,600+ square feet of meeting space, a fitness center, an indoor pool and whirlpool, a billiard room as well as a sport court. The five-story hotel opened in 2004 and has been one of the top rated hotels in the market, consistently achieving occupancies above 84%.
CBRE Hotels|Finance arranged the $11,500,000 five-year floating rate loan through a debt fund. “We were extraordinarily pleased to be able to assist LTD with the refinancing,” commented Gavin Davis, Senior Vice President of the CBRE Hotels|Finance Team. “Our strong relationships and understanding of hospitality financing market liquidity and lender appetite allowed for us to structure a successful transaction.”
“It has been a pleasure working with CBRE over the past several months,” commented Malay Thakkar, Managing Principal of LTD Hospitality Group. “For CBRE to obtain debt financing in the current Capital Markets is a testament to the breadth and depth of their contacts. We thank them for their assistance and look forward to working with them again.”
“Market liquidity and hotel fundamentals both continue to improve setting the stage for more transaction activity in 2011,” commented Stan Kozlowski, Senior Vice President of CBRE Hotels|Finance.
LTD Hospitality Group is a premier hotel development, management, and hospitality advisory company headquartered in Chesapeake, Va. Since its inception in 1983, LTD has developed a strong reputation for being a recognized leader in building and operating award-winning hotels. The Company currently owns and operates more than 3,500 rooms in the Mid-Atlantic, Southeast and Mid-West. LTD has been ranked in the Top 100 Management Companies by Hotel Business. With the highest possible standards in mind, LTD prides itself with developing and operating quality hotels under the franchise brands of Starwood Hotels and Resorts, Marriott International, Hilton Worldwide, Hyatt Hotels and Resorts and InterContinental. For more information, please visit http://www.ltdhospitality.com.
CBRE Hotels | Finance is a hospitality centric practice that works within CB Richard Ellis, Inc (NYSE: CBG) global leading Capital Markets Debt and Equity Finance platform, which provides debt and equity financing from approximately 200 sources in any given year. CBRE Hotels | Finance is headed by Gavin Davis (Senior Vice President) and Stan Kozlowski (Senior Vice President) combining over $4.0 billion of experience and over 100 completed hospitality transactions in providing a wide breadth of hospitality financing services to its clients including, senior mortgages, mezzanine financing, preferred equity, joint-venture equity, interest rate hedging and advisory services. CBRE Hotels | Finance plays an integral role within CBRE Hotels by supporting its 30 investment professionals within the U.S., Mexico, Canada and the Caribbean.
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