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 March 2020...

Human Resources: Confronting a Labor Shortage

With the unemployment rate at its lowest level in decades (3.7%), what has always been a perennial problem for human resource professionals - labor shortage - is now reaching acute levels of concern. It is getting harder to find and recruit qualified applicants. Even finding candidates with the skills to succeed in entry-level positions has become an issue. In addition, employee turnover rates remain extremely high in the hotel industry. As a result of these problems, hotel HR managers are having to rethink their recruitment strategies in order to hire the right talent for the right job. First, hotels have been forced to raise their wages and offer other appealing perks, as a way to attract qualified candidates. Secondly, HR managers are reassessing their interviewing techniques, focusing less on the answers they receive to questions and more on observable behavior. Part of this process includes role-playing during the interview, so that the recruiter can gauge how a candidate works through specific problems and interacts with other team members. Additionally, some HR managers are also creating internal talent pools as a way to address labor shortages. Instead of utilizing department resources to find new hires with specific skills for needed positions, hotels are cultivating talent pools internally and preparing their employees to assume leadership roles whenever the time comes. They are also placing greater emphasis on a company culture that is more performance-based, as a way to curb employee turnover, increase employee satisfaction, and assure higher levels of customer service. Finally, recognizing the importance of employee retention as a way to lessen the impact of a tight labor market, some HR managers are instituting generous reward programs in order to retain their top performers. The March Hotel Business Review will explore what some HR professionals are doing to address these and other issues in their departments.