RobertDouglas Advises Waterton and the Orion Companies on the $30-Million Financing for the Acquisition of the Virginian Lodge in Jackson, Wyoming
RobertDouglas announced today that it advised Waterton and the Orion Companies in securing a $30-million, non-recourse senior mortgage for the acquisition and renovation of The Virginian Lodge in Jackson, Wyoming. The long-term, fixed-rate financing was provided by a national bank.
"The Virginian Lodge is an iconic property located on an irreplaceable site in the heart of Jackson", remarked Evan Hurd, Principal and Managing Director with RobertDouglas. "Although many lenders have put new deals on hold, particularly in the hospitality sector, this opportunity drew strong interest from multiple lenders, enabling us to create a competitive marketing process with a range of financing structures."
The Virginian Lodge is located on a 12.9-acre site in the heart of Jackson within minutes from the historic Town Square and near world class outdoor recreation opportunities including Grand Teton National Park, Yellowstone National Park and more. The property consists of a 170-key independent hotel and 103-stall RV Resort. The Virginian Lodge will undergo a transformational renovation and be repositioned as a boutique, outdoor lifestyle hotel.
Already a thriving market, Jackson has become one of the most desirable travel destinations in the United States due to the growing outdoor tourism market. Unlike most U.S. markets, Jackson is experiencing a significant increase in visitors this summer, surpassing numbers from the past three years. According to the Jackson Hole Travel and Tourism Board, accommodations of all types - hotels, motels, short-term vacation rentals, RV Parks, and campgrounds - are near capacity and not showing any slack until the end of September.
"The Virginian's diverse revenue streams supported by its hotel and RV Resort enhanced the appeal of the property for many lenders. Travel to National Parks has meaningfully increased during the pandemic and we anticipate markets like Jackson to continue to experience a strong recovery due to the open spaces and outdoor activities." commented Annie Ferguson, Associate with RobertDouglas.