HFF Secures $30 million Financing for Sheraton Salt Lake City
WASHINGTON, DC - August 19, 2011 - HFF announced today that it has secured $30 million in financing for the Sheraton Salt Lake City, a 362-room, full-service hotel in downtown Salt Lake City, Utah.
Working exclusively on behalf of Driftwood Hospitality Management and a global real estate private equity fund, HFF placed the three-year, 4.4 percent fixed-rate loan with C-III Capital Partners, LLC. Proceeds were used to refinance the property.
The Sheraton Salt Lake City is located at 150 West 500 South close to the Salt Palace Convention Center, the Utah State Capital and Gallivan Center in downtown Salt Lake. Renovated in 2009, the hotel features an outdoor pool, indoor whirlpool, sauna, massage and body salon, fitness center and complimentary shuttle service to the surrounding area.
The HFF team representing the borrower was led by managing director Mark Remington, director John Bourret and senior managing director Mona Carlton.
“Hotels are difficult to finance, but this property ramped up quickly after its renovations and outperforms its competition thanks to dedicated ownership and strong management, all of which created a desirable lending opportunity,” said Remington.
Driftwood Hospitality Management is a hotel management company that operates and develops hotels in the U.S., the Caribbean, and Latin America.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.
Contacts:
MARK T. REMINGTON
HFF Managing Director
(202) 533-2500
mremington@hfflp.com
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
krmurphy@hfflp.com
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