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Refinance and Relicense Equals Recommitment

IHG signed a new license with Crowne Plaza for another 20 years and obtained $27 million in refinancing, which included funds for a full renovation, demonstrating a long-term commitment.

Crowne Plaza Dallas Crowne Plaza was built in 1969 and has 293 rooms within 23 floors.

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.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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