PALM BEACH, FL—South Florida's hotel industry is getting off to a strong start in 2014—at least from the financing side of the market. Two Palm Beach County Hampton Inn hotels have secured $31.5 million in financing.
HFF worked exclusively on behalf of the owner to arrange senior mortgage financing through Morgan Stanley Mortgage Capital Holdings in two separate transactions. Both loans were on a 10-year, fixed-rate term with pricing in the low 4 percent range.
The HFF team representing the borrower was led by director Elliott Throne and senior managing director Mike Kavanau. HFF real estate analyst Alexandra Lalos also worked on the capital markets deal.
“These assets are some of the nicest Hampton Inns in the entire chain and their uniqueness allowed them to achieve very high per key values,” Throne tells GlobeSt.com. “The aggressiveness of the terms offered in the financing was a result of the quality of both the assets themselves and the sponsorship.”
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