ALEXANDRIA, VA-Financing to the tune of $28 million has been put in place for the 268-room Embassy Suites Hotel Old Town Alexandria. Embassy Suites Alexandria was developed 15 years ago at 1900 Diagonal Rd. in the historic Old Town section of the city.
GE Real Estate furnished the funds, which came in the form of a senior fixed-rate mortgage loan, for a joint venture involving the Oliver Carr Co. and Hilton Hotels Corp. "The financing is being used to refinance an existing loan and to reduce overall costs of funds," Greg Forester, Senior Director in the Hotel Lending Group at GE Real Estate, tells GlobeSt.com.
According to Alexandria real estate records, the 175,000-sf hotel and the nearly six-acre parcel it occupies have a total current assessed value of $41.6 million. GE won the financing deal, Forester says, on the basis of price and terms, and because of the firm's relationship with Oliver Carr and Hilton. "This deal was highly competitive and we needed a major lender that would make all the parties involved comfortable," says Oliver Carr Co. president Richard Carr.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
