RobertDouglas Secures Financing for Chartwell Hospitality's Residence Inn & Courtyard Kansas City Downtown Convention Center
As exclusive advisor, RobertDouglas announced today that it successfully refinanced Chartwell Hospitality and Soundview Real Estate Partners' dual-branded Residence Inn & Courtyard Kansas City Downtown Convention Center in Kansas City, MO. RobertDouglas secured roughly $36,000,0000 of fixed-rate debt with highly attractive pricing from a balance sheet lender. The loan carries a 3-year term with open pre-payment after an initial 12-month lockout. "This financing is representative of transactions that can be struck in the current lending environment for excellent properties with strong cash flow," said RobertDouglas Principal and Managing Director Evan Hurd. "This type of structure also provides reasonable flexibility for the borrower, as it can refinance after a year, depending on the interest rate environment at that time."
The Courtyard and Residence Inn Kansas City Downtown/Convention Center, at 1535 Baltimore Avenue, Kansas City, MO, is a new dual branded hotel in Kansas City and is within walking distance of the Kansas City Convention Center, Power & Light District, Sprint Center and Kauffman Center for the Performing Arts. This is the only hotel located on the Kansas City Streetcar line and, also, the only hotel located in both downtown and the Crossroads District. The mixed-use development features 3,068 SF of meeting space, a 163-space parking garage, and 5,300 SF of leased retail space currently occupied by Streetcar Grille & Tavern.
"With 261 total keys between the Residence Inn and Courtyard, this outstanding dual-branded Hotel sits in the bullseye of $9 billion in recent investment and development," said RobertDouglas Principal and Managing Director Matt Dower. "Kansas City's hotel market has always punched above its weight class and serves as a critical regional hub for the Midwest, with strong economic drivers that include education, manufacturing, professional sports and the federal government."
Chartwell Hospitality is a fully integrated real estate company based in Nashville, Tennessee, specializing in the acquisition, development, and management of high-quality, branded, limited- and full-service hotels. Founded in 2003, Chartwell consistently surpasses competition in occupancy and average daily rate. Similarly, Chartwell's development team is known for building hotels that exceed market expectations and go beyond brand standards.
Chartwell's current portfolio comprises 27 third-party managed hotels, of which 18 are owned hotels, as well as an additional 5 properties in development. High-quality projects range from premium select-service to full-service and mixed-use development properties. Chartwell currently has more than 1,200 employees and over $1.75B in stabilized or under construction assets. For additional information about Chartwell Hospitality, visit www.chartwellhospitality.com.
Established in 2003, Soundview has invested in over 170 individual transactions with an aggregate cost basis in excess of $3 billion. Soundview uses a joint-venture-driven investment model to focus on value-add opportunities in markets in which they have direct local knowledge or in product types in which they have proven and capable partners. Since its formation, Soundview has invested across many asset classes, including land, hospitality, office, retail, industrial, and multi-family.