NASHVILLE-Highland Hospitality Corp. has taken out a $52-million mortgage on its most recent acquisition, the Renaissance Nashville. The McLean, VA-based lodging REIT acquired the 673-room property at the end of Februaryfor $77 million plus closing costs.
The property was acquired debt free from publicly held Marriott International of Washington, DC. An affiliate of Marriott will continue to manage the hotel under the Renaissance flag.
The new seven-year mortgage loan was provided by Connecticut General Life Insurance Company. The annual fixed rate is 6.11%. Highland plans to use a portion of the proceeds to invest an additional $6.5 million in the property over the next two years.
Highland focuses on hotel investments primarily in the US. The company owns 7,381 rooms in 24 hotel properties.
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