Spirides Provides $6.3 Million Debt Refinancing + Cash Out for Holiday Inn Express in Latta, SC

USA, Tampa, Florida. November 02, 2022

Spirides Hotel Finance Company has successfully provided, and the borrower has officially closed a $6.3 million mortgage loan from a southeast U.S. headquartered bank to refinance the existing mortgage debt plus take $1.5 million cash out of the Holiday Inn Express in Latta, South Carolina. The $1.5 million cash taken out of the loan proceeds will be used by the borrower as an owner's cash equity down payment to build another hotel in North Carolina where they already own the land.

This Holiday Inn Express features 68 guest rooms and suites in one 4-story building situated on 4 acres of land. It is located at 2513 Cattle Farm Road at SC Highway 38 just off of Interstate 95 Exit 181 near the City of Latta in Dillon County, SC, which is part of the Florence metropolitan area. Exit 181 is one of the primary exits off of Interstate 95 that leads to the very popular Myrtle Beach, SC resort area.

This Holiday Inn Express is located just a few minutes drive from the recently opened South Carolina Ports Authority's Inland Port Dillon, a $50.5 million intermodal cargo transfer hub located 130 miles from the Port of Charleston, SC. Inland ports are where trains and trucks exchange tens of thousands of overseas shipping containers packed with consumer goods. Also located nearby are Darlington Raceway & Museum, McLeod Regional Hospital, Florence Civic Center, and the regional offices of Mohawk Industries, Johnson Controls, O'Rileys, Harbor Frieght, Wyman Gordon, Perdue, R.J.Corman Railroad, and South Carolina National Guard.

"We at Spirides Hotel Finance Company provided the original construction financing for this Holiday Inn Express back in 2018, and today we are very happy to announce that the owners have now selected us to provide the permanent financing to retire the original construction loan," says Harry G. Spirides, President of Spirides Hotel Finance Company who led the debt placement team representing the borrower in this transaction. "It is a honor and a testimony to our great team to see our satisfied customers return and reward us with their repeat business," continues Spirides.

The terms of the financing arranged by Spirides for this Holiday Inn Express debt refinancing plus cash out project include a 70% loan to value ratio, a low interest rate fixed for 5 years, and a 25-year amortization.


Harry G. Spirides, President of Spirides Hotel Finance Company
/ SLIDES
Tags: Hotel Finance, Hotel Financier, Financing for Holiday Inn Express by IHG, South Carolina Hotel Financing, Harry Spirides, Hotel Loans, Hotel Finance, Hotel Mortgages, Spirides Hospitality Finance Company, Hotel Mortgage Debt Refinancing

About Spirides Hotel Finance Company

Business Contact:

Harry G. Spirides
President
Spirides Hotel Finance Company
T: +1 813-327-5101
E: [email protected]
W: https://hospitality-finance.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 December 2022...

Hotel Law: Legal Consequences

The pandemic provoked more than a global health crisis. It also disrupted world economies, financial markets and social systems on a massive scale. Naturally, there are legal consequences associated with this kind of severe business disruption and the issues will be litigated for years to come. In the hotel industry, there are several issues that are currently germane. One issue pertains to the legal obligations hotels have to re-hire employees who were laid off due to the pandemic. Lawsuits have been filed by former employees who claim that certain promises were made to them when they were furloughed, and they are suing hotels for breach of implied contract. Another major issue involves hotels suing their insurance companies for failing to cover their business losses due to the pandemic. Still other hotels have brought lawsuits against local governments for the strict restrictions that were placed on their businesses, chiefly restaurants and bars. These are just a few of the legal issues that will be addressed in the December issue of the Hotel Business Review.