Eighth hotel closing in six months highlights company's hospitality investment banking expertise.
SANTA MONICA, CALIF. – Vista Capital Company announced that it recently arranged and closed $32,000,000 of financing for a portfolio of five hotels. Four of the hotels are located within one mile of each other, in Goodyear, Arizona, which is part of metropolitan Phoenix. The hotel portfolio consists of both limited-service and full-service assets, branded by Hilton Hotels & Resorts, Intercontinental Hotels and Resorts, and Marriott International. The 478-room portfolio is comprised of the following hotels:
- Hampton Inn & Suites – Goodyear, Arizona
- Holiday Inn Express – Goodyear, Arizona
- Residence Inn – Goodyear, Arizona
- Holiday Inn Hotel & Suites – Goodyear, Arizona
- Holiday Inn Express – Washington, Utah.
The deal was funded by a major American investment bank via their structured finance CMBS group. The new non-recourse financing will retire the former recourse loan while concurrently reducing debt service payments, extending the amortization schedule, and providing ownership with a sizable equity recapitalization. The fixed-rate financing will also be used to fund various renovation projects over its ten-year term.
Due to the significant amount of liquidity available for hospitality product, Vista Capital was able to structure highly favorable financing with pricing of approximately 4.5%. “Ownership successfully realized all of their desired objectives through the closing of this transaction,” said Zak Selbert, the founding principal at Vista Capital Company. This is Vista’s eighth hotel closing in six months, underscoring their specialty and skill in hospitality investment banking.
Photo caption: Holiday Inn Hotel & Suites – Goodyear, Arizona.
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