The Dallas buyer picked up the historic five-acre property at 201 S. Washington St. from two brothers, longtime local residents. "It was difficult to get financed because it's non-flagged and in a tertiary market," Todd McNeill, senior director for Metropolitan Capital Advisors in Dallas, tells GlobeSt.com.
The Atlanta-based Flag Bank provided a three-year loan at an 8% fixed-rate interest despite a 50% to 55% occupancy average, McNeill says. The boutique hotel will undergo a sprucing up in a redevelopment plan for a property with two fully equipped convention rooms and an $85 per night ADR. The new owner, looking to capitalize on the tourism market in one of the state's more popular antiquing areas, acquired an asset just one block off Main Street.
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