 |
MAY 2007 |
|
|
|
|
 |
|
| |
Comprehensive redesign results in a smooth landing for the Wyndham Miami Airport
Hotel and Executive Meeting Center
Original design plans often go through a bit of tweaking before getting off the
ground. Some just end up taking a completely different route altogether.
Carole Hochheiser Ross, principle for Richmond, Va.-based Baskervill, says the
latter was the case when it came to the renovation of the Wyndham Miami Airport
Hotel and Executive Meeting Center.
“We started the project on a whole different note,” she says. “We went off on
the.......
|
|
|
|
|
|
|
|
|
 |
|
|
|
 |
|
|
|
|
|
| |
Thayer Lodging Group Obtains $327 Million Loan from Capital America.
SAN FRANCISCO - Nov. 17, 1998 - Capital America (formerly Nomura Capital) provided a $327 million loan to Thayer Lodging Group to refinance 13 hotels in eight states, one of the largest hotel loan packages closed in the United States this year.
The financing is a 13-year, fixed-rate loan with a three-year interest only period at 7.27%, followed by a ten-year permanent loan at 7.52%, amortizing over 25 years. It has a loan-to-value ratio (LTV) of 73%, and a debt-service-coverage ratio (DSCR) of 1:35:1 on 1998 operating results.
The hotels are owned by two limited partnerships, Lodging Opportunities L.P. and Thayer Hotel Investors II, L.P., that are managed by Thayer Lodging Group.
Fred Malek, chairman and chief executive of the two owning partnerships said, "This refinancing adds great value to our portfolio and underscores the integrity and capability of Capital America."
Thayer Lodging Group, founded in 1991 and headquartered in Annapolis, invests with institutional partners and has become one of the largest private owners of hotels in the United States.
Lee Pillsbury, chairman of Thayer Lodging Group said, "This financing represents a significant step forward for our investors, and reflects Capital America's strong belief in the value of these assets."
The properties are:
- Annapolis Marriott Hotel, Annapolis, MD
- Bethesda Residence Hotel, Bethesda, MD
- DoubleTree Rockville, Rockville, MD
- DoubleTree Hotel Somerset, Somerset, NJ
- DoubleTree Guest Suites, Plymouth Meeting, PA
- Richmond Embassy Suites, Richmond, VA
- Maison DuPuy, New Orleans, LA
- DoubleTree New Orleans Lakeside, Metairie, LA
- Sheraton Suites Plantation Hotel, Plantation, FL
- DoubleTree Oceanfront, Ft Lauderdale, FL
- Sheraton Austin, Austin, TX
- North Shore DoubleTree Hotel, Skokie, IL
- Ft. Lauderdale Doubletree Guest Suites Hotel, Ft. Lauderdale, FL
Dave Weymer, Thayer Lodging's general counsel said, "This was a large and complex transaction and the Capital America team was great to work with -- we're looking forward to a continuing relationship with them."
Michael Brody, Capital America managing director and Jean Baker, lead banker, said that despite its complexities, the loan was a pleasure to work on. "The quality of Thayer's hotels and their management team made funding this project enjoyable," Brody said.
The San Francisco-based Capital America is a wholly-owned subsidiary of Nomura Holding America, Inc. that provides commercial real estate financing. The company's servicing arm, Capital America Client Services, handles servicing for the duration of the borrowers' loans. Capital America has regional offices in New York, Miami, Los Angeles, Dallas and Chicago.
|
|
|
