DALLAS—Commercial real estate activity and overall interest in downtown shows no signs of letting up anytime soon. Demonstrating a strong level of commitment with a 20-year hold, IHG recently closed refinancing on the Crowne Plaza, which included funds for a full renovation. F10 Hotels facilitated the $27 million financing in a 4.66% 10-year fixed-rate loan with 36 months interest only, 65% loan to value and an 11% debt yield.
The owner acquired the hotel 10 years ago from Dallas-based REIT FelCor when it was a Hampton brand, GlobeSt.com learns. It took on a 10-year loan during that time as it converted to the Crowne Plaza brand, which was completed in 2009. The loan was due to mature on July 11 so F10 Hotels was brought in to refinance the property. In addition, IHG signed a new license with Crowne Plaza for another 20 years.
“Downtown Dallas is surging, and IHG recommitted to Crowne Plaza in a big way,” Renny Goldstein, managing principal of F10 Hotels, tells GlobeSt.com. “A 20-year license shows a significant commitment to that location.”
That location is a 5-minute walk to the Dallas World Aquarium, a 13-minute walk to the Dallas Museum of Art and 1.4 miles from Interstate 35E. It is also in close proximity to the West End Entertainment District with The House of Blues, the Dallas Convention Center, American Airlines Center, Superpages.com Center, the Sixth Floor Museum, Neiman Marcus flagship store, North Park Mall, Texas Stadium, Lone Star Park, Six Flags over Texas, the Rodeo and the Cotton Bowl stadium.
The hotel was built in 1969 and has 293 rooms within 23 floors, and 22 meeting rooms in 30,000 square feet. The rooms feature free Wi-Fi, flat-screen televisions and desks. Upgraded rooms include balconies, city views and mini-fridges. Guest amenities include an outdoor pool, fitness center, restaurant, a nightclub and a bar, as well as a business center, paid parking and pet options for a fee.
DALLAS—Commercial real estate activity and overall interest in downtown shows no signs of letting up anytime soon. Demonstrating a strong level of commitment with a 20-year hold, IHG recently closed refinancing on the Crowne Plaza, which included funds for a full renovation. F10 Hotels facilitated the $27 million financing in a 4.66% 10-year fixed-rate loan with 36 months interest only, 65% loan to value and an 11% debt yield.
The owner acquired the hotel 10 years ago from Dallas-based REIT FelCor when it was a Hampton brand, GlobeSt.com learns. It took on a 10-year loan during that time as it converted to the Crowne Plaza brand, which was completed in 2009. The loan was due to mature on July 11 so F10 Hotels was brought in to refinance the property. In addition, IHG signed a new license with Crowne Plaza for another 20 years.
“Downtown Dallas is surging, and IHG recommitted to Crowne Plaza in a big way,” Renny Goldstein, managing principal of F10 Hotels, tells GlobeSt.com. “A 20-year license shows a significant commitment to that location.”
That location is a 5-minute walk to the Dallas World Aquarium, a 13-minute walk to the Dallas Museum of Art and 1.4 miles from Interstate 35E. It is also in close proximity to the West End Entertainment District with The House of Blues, the Dallas Convention Center,
The hotel was built in 1969 and has 293 rooms within 23 floors, and 22 meeting rooms in 30,000 square feet. The rooms feature free Wi-Fi, flat-screen televisions and desks. Upgraded rooms include balconies, city views and mini-fridges. Guest amenities include an outdoor pool, fitness center, restaurant, a nightclub and a bar, as well as a business center, paid parking and pet options for a fee.
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