Tirado of Largo secures $20 million for five hotels located across the U.S.

Lori Tirado, managing director of the Largo Hospitality Finance Group, secured $20 million in financing for five hotel properties located across the U.S. The properties consisted of two Holiday Inn Express', one located in White House, Tenn. and the other in Palatka, Fla.; a Comfort Suites in Salem, VA; a Motel 6 located in Columbus, OH and a Fairfield Inn & Suites in Marianna, Fla. The 70-room Holiday Inn Express located in White House is situated in an excellent location adjacent to I-65, and benefits from its proximity to Nashville, which is 20 miles south of the hotel. The hotel was built in 2008 and acquired by the current owners in 2013. The hotel recently underwent a $1 million renovation required by the brand (IHG). The Holiday Inn Express in Palatka built in 2009 by the current owner. The hotel consistently receives a five-star rating from Trip Advisor and IHG based on the incredible service and accommodations they provide. In addition to both Holiday Inn Express', Tirado refinanced the existing debt and provided the necessary funds to complete a required PIP on the 78-room Comfort Suites Inn at Ridgewood Farm located in Salem. The hotel is situated in the Salem, six miles west of the Roanoke.The owners of all three hotels received a 10-year non-recourse loan with a fixed interest rate in the 4% range. Tirado also refinanced the existing debt and provided the funds necessary to complete a PIP on a 104-room Motel 6 located in Columbus. The property is situated adjacent to I-70, which provides access downtown Columbus, as well as numerous venues and attractions. Tirado secured a 20-year self-amortizing loan for the owners of the hotel with an interest rate in the 4% range through one of Largo's correspondent life insurance companies. Lastly, Tirado arranged Bridge and CapEx financing for a Fairfield Inn & Suites, located in Marianna. The hotel consists of 77-rooms and is located directly between Tallahassee and Panama City, along the Florida Panhandle. The owners refinanced the existing debt and secured the necessary funds to complete a required PIP mandated by Marriott. The loan closed within a two-week time-period, which provided the owners with the capital necessary to complete the renovation within a specific time.