Two Transactions to Know
Transactions are taking place across hospitality, including a sale in the South and a refinancing deal in the Windy City:
Hodges Ward Elliott Brokers Sale of Dual-Brand in Brunswick, GA
Hodges Ward Elliott (HWE) represented a partnership of HOS Management and Hawkeye Hotels in the sale of the 175-key dual-brand Home2 Suites/Hilton Garden Inn, a newly constructed hotel in Brunswick, GA. An HWE team composed of Clint Hodges and B.J. Patel advised the ownership group on the sale. HWE’s Capital Markets Group advised on the financing structure for the acquisition as well.
Located adjacent to I-95, the hotel has 91 suites under the Home2 Suites flag, 84 rooms under the Hilton Garden Inn flag, a joint lobby, contemporary guestroom amenities, a Garden Grille restaurant, fitness center and business center. The hotel is proximate to numerous demand generators including the Golden Isles, the Port of Brunswick, the Federal Law Enforcement Training Center and Georgia Pacific.
Refinancing Secured for Residence Inn Chicago Downtown/Loop
Prime LaSalle/Madison Partners LLC (PLMP), the owner of the 381-key Residence Inn Chicago Downtown/Loop has revealed the closing of $141 million of new senior and mezzanine loan financing for the hotel. PLMP is owned and controlled by The Prime Group Inc. and its founding shareholder, chairman and CEO, Michael W. Reschke. Proceeds of the financing were used to repay the senior loan and preferred equity financing originally funded to acquire and construct the hotel, to establish reserves for working capital, interest and certain other items and to pay fees and transaction costs.
The Residence Inn Chicago Downtown/Loop opened in September 2015. The hotel was developed as part of the adaptive-reuse of the 38-story Roanoke Building & Tower, a historic landmark tower built in three phases from 1915-1925, originally designed by Holabird & Roche with the final phase designed by Andrew Rebori.