The Debt & Equity Finance Group has secured a $20 million non-recourse first mortgage loan from a New York-based debt fund on behalf of Summit Hospitality Group Ltd.
Media Contact: Amanda Ferraro Beckerman
FOR IMMEDIATE RELEASE
Mission Capital Advisors Arranges $20 Million Non-‐Recourse First Mortgage Loan for Three North Carolina Marriott Branded Hotels
Latest Deal Reflective of Mission Capital’s Ability to Secure Attractive Financing for Hotel Portfolios
Raleigh, NC (November 20, 2014) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group has secured a $20 million non-‐recourse first mortgage loan from a New York-‐based debt fund on behalf of Summit Hospitality Group Ltd. (Summit) to refinance three Marriott branded hotels located in Raleigh, Charlotte and Cary, North Carolina.
The Mission Capital team of Tom Hall, Jamie Matheny, Ari Hirt and Steven Buchwald represented Summit on an exclusive basis to refinance the three-‐hotel, 305-‐key portfolio.
“Summit’s proven track record as one of the premier Marriott franchise operators in North Carolina was instrumental in attracting potential lenders during this transaction,” said Hall. “By running a process and expanding Summit’s traditional list of capital providers, we were able to garner interest and multiple proposals with attractive terms from a variety of lenders including regional banks, mortgage REITs, debt funds and specialty finance companies. Our client benefited from what is an extremely competitive, aggressive and fluid market today.”
Added Hall: “During the marketing period, Mission was able to successfully highlight the superb sponsorship and management team of Summit in conjunction with the advantageous location of the hotels in the transaction. As the hospitality market continues to strengthen, this is yet another example of Mission Capital’s ability to identify attractive, creative non-‐recourse financing that fit our clients’ needs and wants.”
All of the hotel properties have recently, or will soon be undergoing property improvements to upgrade guest rooms, lobbies, public spaces and guest corridors. The loan that Mission secured will provide a future funding component to complete the renovations.
Summit, which manages 18 hotels across North Carolina, remains an active player in the area’s hospitality industry. The group acquired the downtown Winston-‐Salem Wingate last month and is in the process of converting it to a Fairfield Inn & Suites, opened the new Hyatt Place at Southpoint in August, and have plans to break ground on a nine-‐story, downtown Raleigh Residence Inn in 2015.
Mission recently opened an office in Cary, NC with plans to continue to expand its Debt & Equity Finance
presence throughout North Carolina and the Southeast.
About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California and Mobile, Al. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $45 billion of loan sale and financing transactions, as
well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-‐leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information,
About Summit Hospitality Group, Ltd.
Summit Hospitality Group, Ltd., founded in 1988 by Doyle Parrish and Gene Singleton, is a full-‐service hotel management, marketing, consulting and planning firm. SHG operates hotels and restaurants in Raleigh, Charlotte, Chapel Hill, Pinehurst, and Wilmington under management contracts, with revenue in excess of $60 million annually. SHG currently employs 675 people, owns and operates 18 properties totaling 2,047 keys and owns and/or operates three restaurants in North Carolina.
Summit is a proud leader in the hospitality industry for more than 25 years with a portfolio of the finest brands available including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Fairfield Inn & Suites by Marriott, Hilton Garden Inn, Hampton Inn & Suites, Homewood Suites, Fairfield Inn & Suites and Hyatt Place. For more information, visit www.summithospitality.com.