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Brokerage
Posted: October 28, 2013
Hyde Park closes $3.85 million reposition/renovation loan
Hyde Park Commercial Group, a Cincinnati-based advisory firm, has closed a $3.85 million loan for a 188-room un-flagged hotel to be flagged a Clarion by Choice Hotels. The hotel was an un-flagged hotel facing a loan maturity and desire to join a franchise with a strong central reservation system. Through due diligence, Hyde Park CG was able to work with the sponsors to bring in Choice Hotels, assist to obtain a Clarion flag, recommended a new management company, GC, owners rep, and assist with renovation and FF&E quotes. The loan was arranged through a specialty lender and allowed the ownership loan proceeds to complete a total renovation plan, and refinance their existing debt. This PIP and loan was completed start to finish in less than 30 days.
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