Spirides Provides $4.1 Million Loan to Refinance Debt of Best Western in San Angelo, Texas
Spirides Hospitality Finance Company has successfully provided and the borrower has officially closed a $4.1 million loan to refinance the existing mortgage debt of the Best Western SureStay in San Angelo, Texas.
Also known as the Pearl on the Concho, this iconic 164-room hotel is located at 333 Rio Concho Drive in the heart of the downtown historic, cultural, commercial, and entertainment district of San Angelo, Tom Green County, Texas. The hotel is a full-service, midscale, family-centric hotel that was first built as one of the original Holiday Inn Holidomes which feature a very large indoor recreational atrium with swimming pools, mini-golf, game tables, a video game arcade, and a restaurant and saloon. The hotel also features a meeting room section that has its own entrance from the outside.
Some of the area attractions and demand generators include nearby downtown festivals and cultural events that draw tourists year round as well as a U.S. Airforce base, a state university, a major hospital and cancer treatment center, historical landmarks such as a Civil War era fort, and the third largest rodeo in the world.
"I am very pleased that we were able to provide this very favorable permanent, long-term financing for our customer, the borrower in this transaction. By accepting this loan they have effectively cut their annual mortgage interest rate almost in half, saving more than one hundred thousand dollars a year in interest expense," says Harry G. Spirides, President of Spirides Hospitality Finance Company who led the debt placement team representing the borrower in this transaction. "Additionally, through negotiations with the previous lender a $500,000 discount on the loan principal payoff amount was obtained. That is quite a lender haircut, and all this is real money going back into our customer's pockets. Although this transaction took longer than expected to close because of the COVID pandemic and other factors, in the end it was well worth the wait," continues Spirides.
The terms of the financing arranged by Spirides Hospitality Finance Company for this mortgage debt refinance include a 25-year loan term and amortization, a favorable rate of interest, and minimal prepayment penalties. The loan was funded by a Southeast U.S. headquartered bank.
About Spirides Hospitality Finance Company
Spirides Hospitality Finance Company
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