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TAMPA, FL-Highland Hospitality Corp. executive vice president and chief financial officer Douglas W. Vicari played his cards right and won a favorable $17.6-million, 10-year mortgage refinance loan from Nationwide Life Insurance Co. at a 5.7% interest rate compared to the property’s existing $17-million loan at 7.9%. The property is at 2225 Lois Ave., two miles from Tampa International Airport.

“We are pleased to have refinanced this loan at a very attractive rate, several months prior to its maturity,” Vicari says. “With this refinancing, we now have approximately $293 million of long-term debt on our balance sheet at an average interest rate of 6.5%.”

The Virginia-based REIT owns 17 hotel properties totaling 4,952 rooms in 10 states. The properties are operated under the flags of Crestline Hotels and Resorts, Marriott International, Hyatt Hotels, McKibbon Hotel Management and Sage Hospitality Resources under Marriott, Hilton, Renaissance, Crown Plaza, Courtyard, Hilton Garden Inn, Residence Inn and Radisson.

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