Cronheim Hotel Capital secures $17.43 million for refinance of Hampton Inn & Suites Tallahassee

Tallahassee, FL Cronheim Hotel Capital (CHC) has secured $17.43 million from Live Oak Bank for the refinance of the Hampton Inn & Suites Tallahassee (I-10 Thomasville Rd.). The fully extended five-year deal features one year of interest only as the hotel continues to ramp following a full-property refresh completed in 2025. The floating rate structure also allows the sponsor, ARK Holdings, to capture downward rate movements.

The recently renovated hotel is near Florida State University and the State Capitol. With the disruptions from the change of ownership PIP now over, the property is primed to recapture market share and state-affiliated business, having already shown signs of material performance improvement in Q1 2026.

“We are extremely pleased with the results of this refinancing transaction with Live Oak Bank. We are equally thankful for their trust in us and for the partnership of both Live Oak Bank and Cronheim Hotel Capital. The true beneficiaries of this transaction are our owners and investors, and we could not be happier for them,” said Kyle Sykes, vice president of finance at ARK Hospitality.

David Turley, president of CHC, said, “This is a well-located asset, backed by a strong owner/operator in ARK, and second to none brand. That said, given the understandable impact of the change of ownership PIP there was not a clean T-12 to stand on, posing a challenge for your typical bank. Not wanting to go the bridge route, we prioritized conventional lenders that we knew would understand the story and believe in the potential of the asset and our sponsor’s stewardship. We’re thrilled to have successfully paired a best-in-class sponsor with a best-in-class lender in Live Oak Bank, a trusted partner of ours and truly friends.”

Blair Bunting, vice president of Live Oak Bank, said “Deals don’t close smoothly because of documents. They close smoothly because of relationships. When there’s trust, open communication, and alignment on the front end, the execution becomes efficient and genuinely enjoyable. The best deals I’ve been part of weren’t just well-structured; they were built on real partnerships where everyone was rowing in the same direction and excited to get to the finish line together. We’re grateful to have found that kind of partnership with the team at ARK, and we’re proud to serve as their lender.”