RT Las Colinas Associates LP--with principals in Westchester, NY and Nacogdoches, LA--closed the deal with a $5.8-million loan with a 10-year term and sub 6% fixed-rate interest, David M. Fishler, vice president of GMAC Commercial Mortgage Corp., tells GlobeSt.com. The 135-room hotel at 820 W. Walnut Hill Lane was bought from Las Colinas Partners LP of Memphis, which developed the hotel in 1999.

Fishler says the takeover plan includes upgrades to common areas to "bring it up to par" with Hampton Inn's newest limited-service standards. The hotel's ADR ranges from $76 to $89 while RevPAR is running from $49 to $52, according to Renzo Aida, GMAC's underwriter on the deal. Occupancy, he says, is 55% to 60%, which is in line with the submarket's average for limited-service properties.

Fishler says the deal went full circle in 45 days due to a longstanding relationship between lender and borrower, who have closed $100 million in hotel financings in the past 18 months. "We delivered and closed on the day their contract was due," he says. "We were there, right on schedule. It was pretty smooth sailing." Hunter Realty Associates Inc. of Atlanta brokered the sale.

The New York principal owns more than 70 hotels in the US and the Louisiana stakeholder has a management company with a portfolio of 30 owned or managed properties, according to Fishler. The partnership's properties primarily are situated in California and the Northeast.