RobertDouglas Advises WBX Capital Partners and Trinity Private Equity Group on Successful Refinancing of Marriott Kansas City Overland Park
RobertDouglas announced today that it advised a joint venture of WBX Capital Partners and Trinity Private Equity Group in the refinancing of its existing loan for the 398-key, Marriott Kansas City Overland Park in the Greater Kansas City MSA. The new, non-recourse, floating rate senior mortgage has a five-year term, secured through a best-in-class institutional balance sheet lender.
WBX Capital Partners and Trinity Private Equity Group acquired the property in August 2019 and subsequently completed a comprehensive nearly $17 million renovation. The modern and inviting new design features major updates to all guestrooms; public spaces, including the lobby; the M Club Lounge and meeting spaces, as well as a vibrant new restaurant and bar, Zephyr Kitchen & Bar.
The Marriott Kansas City Overland Park is located in one of the leading business districts in the Midwest, home to more than 40 corporate headquarters and featuring 20 million square feet of Class-A office space.
Annie Ferguson, RobertDouglas Vice President, noted, "progressing from the pandemic, hospitality investors continue to show strong interest in secondary and tertiary MSAs like Greater Kansas City that feature an excellent quality of life, a reasonable cost of living, and a favorable environment for both new business formation and growth of existing businesses. As a result, this refinancing opportunity attracted strong interest from institutional lenders at highly competitive terms and pricing."
"Overall, hospitality industry fundamentals remain strong," added Evan Hurd, Principal and Managing Director. "This is making it attractive for many ownership groups to refinance quality properties in excellent locations, as they make significant capital improvements designed to enhance guest appeal and support revenue growth, as well as in labor-augmenting technologies."