Thorofare Capital Funds $16 Million Loan to Refinance Sheraton Silver Spring Hotel

USA, Los Angeles, California. August 29, 2018

Thorofare Capital (Thorofare), through its bridge lending platform, has provided an affiliate of Integrated Capital LLC with a $16 million short-term senior loan for the refinance of the Sheraton Silver Spring Hotel in the Washington D.C. metro area submarket of Silver Spring, MD.

Located at 8777 Georgia Avenue, the 229-room, 16-floor full-service hotel was built in 1971 and renovated in 2017. It is managed by Atlanta-based Davidson Hotels & Resorts, one of the largest privately held management companies in the lodging industry.

Proceeds from Thorofare's 12-month, interest only, non-recourse financing refinanced a bank loan, added capital for ongoing building upgrades and repatriated a portion of the partnership's equity. Thorofare was able to close less than 10 days from application.

"This well-located Marriott-licensed hotel was an attractive financing opportunity for us to close quickly due to the loan basis, the institutional-quality ownership and the strong cash flow metrics," said Brendan Miller, Thorofare's Principal and Chief Investment Officer.

Felix Gutnikov, the firm's Principal and Head of Origination, added, "Thorofare looks forward to expanding its relationship with Integrated Capital, a well-regarded Los Angeles-based firm that has a nationally diversified portfolio."

Situated within walking distance of Silver Spring's best shops, restaurants and office complexes, the Sheraton Silver Spring Hotel is also located within a few blocks of the Silver Spring Metro station, providing hotel guests easy access to the downtown Washington D.C. area and all its historic sites and attractions.

"We are pleased to close this financing with Thorofare Capital," said Kenneth Fearn, Managing Partner of Integrated Capital. "They performed as promised within a tight closing window, which was important for this investment. We look forward to exploring additional financing opportunities with Thorofare going forward."



Sheraton Silver Spring
/ SLIDES
Tags: Thorofare Capital, loan, finance, commercial real estate, hotel, debt, loans, capital, refinance, Sheraton Silver Spring, Sheraton

About Thorofare Capital

Media Contact:

Bruce L Beck
President
DB&R Marketing Communications, INc.
T: 805-777-7971
E: bruce@dbrpr.com
W: http://www.dbrpr.com

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in September 2020...

Hotel Group Meetings: Demand vs. Supply

It is a great time for hotel group meetings. It is expected that once again this sector will grow by 5-10% in 2020, partly due to the increasing value of in-person group meetings. Because people now spend so much time in front of their screens, face-to-face interactions have become a more treasured commodity in our modern world. Plus, the use of social media reinforces the value of engagement, discussion, conversation, and networking - all areas where group meetings shine. Despite this rosy outlook, there is a concern that demand for meetings far exceeds the supply of suitable venues and hotels. There are very few "big box" properties with 500-plus rooms and extensive conference facilities being built, and this shortage of inventory could pose a serious challenge for meeting planners. In addition to location concerns, the role of the meeting planner has also evolved significantly. Planners are no longer just meeting coordinators - they are de facto travel agents. Cultural interactions, local dining, experiential travel, and team-building activities are all now a part of their meeting mix. Plus, they have to cater to evolving tastes. Millennials are insisting on healthier venues and activities, and to meet their demands, hotels are making yoga breaks, fresh-pressed juices, plant-based diets, state-of-the-art gyms, and locally-sourced menus available. Millennials are also insisting that meeting venues practice Corporate Social Responsibility, which means upholding sustainable and ethical values; investment in the local community; health and well-being of employees; and general business practices that reflect being good citizens of the planet. Finally, there is a growing trend to merge meetings with other local events, such as music festivals, sporting events, and cultural attractions. The December Hotel Business Review will report on issues relevant to group meetings and will document what some hotels are doing to support this part of their operations.