Premier Capital Arranges Financing for Quality Inn
BELLEVUE, WA, August 28, 2007. Premier Capital Associates, LLC, a national, full-service real estate investment company specializing in debt and equity for hospitality real estate, announced today that they had arranged and closed a $4.2 million financing transaction at highly competitive rates for a 60-unit Quality Inn & Suites, located in Sequim, Washington.
"Although the property was only about one-year-old and is located in a smaller market, we were able to arrange the refinancing of the existing debt due to the property's success, the strength of the regional economy and the owner's track record," said Jeff McKee, managing director of Premier Capital Associates, LLC. "In addition to arranging the financing, we also acted as financial advisor through all aspects of the loan closing, which included all the detail work involved in the closing. This allowed the owner to focus more on the operational aspects of his business, sped up the process and reduced his overall loan costs. We continue to have a strong financing pipeline that reflects the robust hotel economy."
"The ownership group handed all the financing responsibilities over to Premier Capital Associates because of our strong hotel lending experience and longevity in the hotel industry," said Greg Morris, managing director of Premier Capital Associates, LLC.
"The credit markets are volatile right now, largely due to increasing defaults in residential mortgages. Nonetheless, capital is still readily available for credit-worthy hoteliers," Morris noted. "However, if owners are looking to lock in interest rates, we recommend that they begin the process now. While we don't expect any major changes in the short term, market psychology will likely cause some unpredictable swings."
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