Assignment Overview
RobertDouglas advised McNeill Hotel Company in securing a $38 million non-recourse senior mortgage and arranging joint-venture equity for the acquisition of three select-service hotels in Idaho and Utah. The 10-year, fixed-rate financing was provided by Bank of America Merrill Lynch and will be contributed to a commercial mortgage-backed securitization pool.
Property Background
Strategically situated along the I-84 Corridor, the 110-room Homewood Suites Boise, 107-room Hilton Garden Inn Twin Falls, and 106-room Hampton Inn and Suites Salt Lake City West Jordan will undergo renovations to improve the properties’ guestrooms and select public areas.
Deal Highlights
| Client: Lender: Debt Proceeds: Key Count: | McNeill Hotel Company Bank of America Merrill Lynch $38 million 323 keys |
