Pisanelli of U.S. Realty Capital refinances $12.859 million hotel portfolio

The Atlantic Northeast Office of U.S. Realty Capital brokered the refinance of three Upstate New York Holiday Inn Hotels totaling $12.859 million. The financing was placed on behalf of a national hotel company who owns 17 hotels nationally. The separate mortgages for a 165-room Holiday Inn in Auburn, a 120-room Holiday Inn in Oneonta and a 148-room Holiday Inn in Waterloo were placed with a regional bank. The loans were underwritten at 60% loan-to-value with a five year fixed rate and amortized over 20 years. Rob Pisanelli of U.S. Realty Capital structured the deals on behalf of the borrower. All of the hotels were built in the mid to late 1970s and went through major renovations in the last few years. Located directly in the Finger Lakes Wine Region and the Cooperstown Baseball Hall of Fame Area these full service hotels continue to thrive in the markets they serve with occupancies between 60% and 65% and ADRs of $95 to $110.