Holliday Fenoglio Fowler arranges $9.85m financing for Syracuse hotel

The New York and Dallas offices of Holliday Fenoglio Fowler, L.P. (HFF) have arranged $9.85 million in financing for the 279-room Renaissance Hotel. HFF senior managing director Jay Marshall and director Brian Carlton worked exclusively on behalf of the borrower, a joint venture between Richfield Hospitality, Inc. and Shelbourne Falcon Investors, to secure the five-year, fixed-rate loan through Lydian Private Bank. Loan proceeds are being used to acquire the hotel and rebrand it to a Crowne Plaza. Located at 701 East Genesee St., the hotel is one half mile north of the Syracuse University Campus adjacent to Interstate 81 in downtown Syracuse. The 20-story property will undergo a $5 million renovation that will include updates to guest rooms, public spaces and the exterior of the hotel. Hotel amenities include 12,235 s/f of meeting space, a lounge, fitness center, business center and Redfield's Restaurant. Richfield Hospitality, Inc. is a leading hotel management company with a premier track record of maximizing profitability and improving asset values for hotel owners. Richfield and its affiliates offer proven solutions and expertise to approximately 500 hotels and resorts. Shelbourne Falcon Investors is a joint venture partnership between Shelbourne Capital of Radnor, Penn., and Falcon Investors of Harrison, N.Y. Shelbourne Falcon Investors specializes in hospitality-sector real estate investments across the U.S. HFF operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales and commercial loan servicing.