INDIANAPOLIS-LaSalle Hotel Properties, a multi-tenant, multi-operator REIT, has secured a $101.8-million loan with Bank of America N.A. The company used the 615-room Indianapolis Marriott Downtown, 350 W. Maryland St., as collateral.
According to company documents, proceeds from the loan were used to pay off the previous $57-million mortgage secured by the hotel and reduce the company's outstanding balance on its credit facility. The term of the loan is 10 years and is at a fixed annualized interest rate of 5.99%.
The Indianapolis Marriott Downtown is the city's largest hotel with 615 guest rooms and 40,000 sf of meeting space. It is located in the heart of Downtown Indianapolis and connected to the Indiana Convention Center & RCA Dome. Bethesda, MD-based LaSalle Hotel Properties owns 28 full-service hotels, totaling approximately 8,400 guest rooms in 15 markets in 11 states and the District of Columbia.
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