Vista Capital raises $32 million for portfolio of five hotels

Vista Capital Company has arranged and closed $32 million in financing for a portfolio of five hotels. Four of the hotels are located within one mile of each other, in Goodyear, which is part of metropolitan Phoenix and the other hotel is in Utah. The hotel portfolio consists of both limited-service and full-service assets, branded by Hilton Hotels & Resorts, Intercontinental Hotels and Resorts, and Marriott International. The 478-room portfolio is comprised of the following hotels: * Hampton Inn & Suites: Goodyear * Holiday Inn Express: Goodyear * Residence Inn: Goodyear * Holiday Inn Hotel & Suites: Goodyear * Holiday Inn Express: Washington, Utah The deal was funded by an American investment bank via their structured finance CMBS group. The new non-recourse financing will retire the former recourse loan while concurrently reducing debt service payments, extending the amortization schedule, and providing ownership with a sizable equity recapitalization. The fixed-rate financing will also be used to fund various renovation projects over its ten-year term. Due to the amount of liquidity available for hospitality product, Vista Capital was able to structure favorable financing with pricing of 4.5%. "Ownership successfully realized all of their desired objectives through the closing of this transaction," said Zak Selbert, the founding principal at Vista Capital. This is Vista's eighth hotel closing in six months, underscoring their specialty and skill in hospitality investment banking.