RALEIGH, NC—New York City-based debt fund Summit Hospitality Group Ltd. has secured $20-million in non-recourse first mortgage debt to refinance Marriott-branded hotels in Charlotte, Cary and Raleigh, NC.
The financing deal was announced by Mission Capital Advisors, which reports that its Debt & Equity Finance Group secured the loan on behalf of Summit Hospitality. The Mission Capital team of Tom Hall, Jamie Matheny, Ari Hirt and Steven Buchwald represented Summit on an exclusive basis to refinance the three-hotel, 305-key portfolio.
The three hotels securing refinancing funding are the Residence Inn Crabtree, Raleigh, NC; Towne Place Suites in Cary, NC; and Towne Place Suites in Charlotte, NC.
Summit, which manages 18 hotels across North Carolina, remains an active player in the area's hospitality industry. The group acquired the downtown Winston-Salem Wingate last month and is in the process of converting it to a Fairfield Inn & Suites. The firm also opened the new Hyatt Place at Southpoint in August and has plans to break ground on a nine-story, downtown Raleigh Residence Inn in 2015.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
