Premier Arranges Development Financing for Holiday Inn Express
FEBRUARY 2, 2009 - Premier Capital Associates, LLC, a national, full-service real estate investment company specializing in debt and advisory services for hospitality real estate, announced today that it had arranged and closed a $7.1 million financing transaction for development of a 77-unit Holiday Inn Express, located in Sequim, Washington. The project is under construction and is expected to open later this year.
"We are working in a very challenging financing market," said Jeff McKee, managing director of Premier Capital Associates, LLC. "The developer asked us to act as financial advisor for all aspects of the financing, which included all the detail work involved in the closing. This arrangement allowed the developer to focus more on the final design, permitting and construction aspects of the hotel while we dealt with the credit market turmoil."
"The ownership group handed over all the financing responsibilities to Premier Capital Associates because of our strong hotel lending experience and longevity in the industry," said Greg Morris, managing director of Premier Capital Associates, LLC. "Construction financing is certainly the most difficult to arrange in today's economic environment, but we were able to call upon our 25-plus years of hotel lending experience and work closely with the lender and owner to find a solution that provided adequate capital at a fair rate for this project."
"Despite extremely difficult credit markets, capital remains available for patient, credit-worthy hoteliers and viable projects," Morris noted. "Capital for transactions under $10 million for both acquisitions and refiancings are available at historically attractive terms. Larger deals and development transactions are more difficult, but can be negotiated."
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