Vision Hospitality Refinances DoubleTree Hotel Chattanooga
Chattanooga, TN - May 18, 2011 - Vision Hospitality Group, Inc. is pleased to announce that they have successfully secured refinancing of the 186-room Doubletree Hotel by Hilton Chattanooga Downtown with UBS Real Estate Securities, Inc. The $23 million CMBS (Commercial Mortgage Backed Securities) loan was brokered through the Nashville office of Grandbridge Real Estate Capital Corporation. Institutional investors have only recently become comfortable with the inclusion of hospitality assets in CMBS issuance; even then, only the most robust of properties have met the strict consideration for securitization. Vision Hospitality Group, Inc. is conjointly proud that the Doubletree Hotel by Hilton Chattanooga Downtown is being recognized in that regard as a solid investment. According to the highly regarded financial reporting firm Trepp, the $23 million loan amount is one of the largest hospitality loans in the Southeast since the return of CMBS loans, following closely to the securitization of the Intercontinental Hotel in Atlanta Buckhead.
“The team worked in concert with UBS' due diligence and legal teams seamlessly from day one. The deal was completed in one-third of the time a CMBS transaction usually requires, all while achieving the loan terms that we desired. The timely completion of this deal is demonstrative of true teamwork at its best.” stated Mitch Patel, President & CEO of Vision Hospitality Group, Inc., earlier today.
About Vision Hospitality Group, Inc.
Chattanooga based Vision Hospitality Group, Inc. is a leading hotel management and development company that has grown successfully in the Southeast and Midwest regions through an unwavering commitment to quality and integrity by promoting a culture of empowerment and respect for their associates. Although the company's roots date back to 1977, Vision Hospitality Group, Inc. was officially formed in 1999 by President & CEO, Mitch Patel. Still family owned and operated today with a corporate portfolio consisting of 15 hotels with a market value of over $225 million dollars. VISION develops, owns and operates premium select and full service hotels affiliated with Hilton, Marriott, Intercontinental, and Hyatt brands. Please visit us on the web at www.vhghotels.com
Vision Hospitality Group, Inc.
2034 Hamilton Place Blvd | Suite 200 CBL Center
Chattanooga, Tennessee 37421
423.892.1010 Main
423.892.1018 Fax
www.vhghotels.com
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