Cronheim Hotel Capital secures $25.5 million for acquisition of DoubleTree Syracuse

Syracuse, NY Cronheim Hotel Capital (CHC) has secured $25.5 million for the acquisition of the DoubleTree Hotel. As one of the leading group and meeting hotels in the region, it also benefits from Micron Technologies planned $100 billion semiconductor campus under construction a few miles from the property.

The loan was placed with a national bank lender at 70% LTV with a floating rate and three years of interest only payments. The property will undergo a comprehensive refresh to all guest rooms and common areas under its new ownership.

David Turley, president of CHC, said “This was a great acquisition for a proven sponsor and we were able to source multiple options on the debt – bank, CMBS, debt fund. We believe more options leads to better choices and better outcomes which is why we pride ourselves on being able to bring a full menu of capital sources to the table. After weighing the pro and cons, a bank execution was a great fit here.”