ORLANDO—A seven-property, 2,566-key full service hotel portfolio just secured a $110 million. The properties are in Florida, California, Virginia, Ohio, and New Mexico.

The seven properties are: the 266-key Sheraton Tampa East in Tampa, FL; the 382-key Sheraton Orlando North and the 718-key Radisson Orlando Celebration in Orlando; the 329-key Hilton Concord in Concord, CA; the 295-key DoubleTree Williamsburg in Williamsburg, VA; the 300-key Crowne Plaza Columbus North in Columbus, OH; and the 276-key Sheraton Albuquerque Airport in Albuquerque, NM.

HFF director Michael Weinberg, along with senior managing director and head of the firm's hotel group Dan Peek, senior managing director Trey Morsbach, and real estate analyst Preston Reid represented the borrower, a joint venture between Värde Partners, Interstate Hotels & Resorts, and Waramaug Hospitality Management. HFF secured the five-year, floating-rate loan through CCRE. Loan proceeds will be used to refinance existing debt.

“We had interest from banks and debt funds but when we started the marketing process we expected more CMBS groups to show up,” Weinberg tells GlobeSt.com. “With the floating-rate CMBS market imploding in the fourth quarter, securitizing the loan was no longer an execution that was feasible so we found an alternative solution.”

Värde is a $9 billion global alternative investment firm. Interstate is a US-based global hotel management company. Waramaug is a privately-held investment group focused on acquiring legacy branded assets throughout the US. CCRE is a fully-integrated commercial real estate finance company that offers innovative financing solutions to the real estate capital markets.

“The client purchased assets that were desperately in need of capital and were undermanaged,” Weinberg says.  “They spent more than $50 million on extensive renovations, which led to a sharp increase in performance due to the enhanced product offering and professional management. The performance and exceptional sponsorship were very well received by the debt capital markets.”