Brokerage Secures Excellent Rate and Terms for Well-Situated Hospitality Property
GREENSBORO, N.C. (March 20, 2018)
Mission Capital Advisors today announced that its Debt and Equity Finance Team has arranged a $21.35-million non-recourse loan to refinance the DoubleTree by Hilton Greensboro, a 175-key, full-service hotel located at 3030 West Gate City Boulevard in Greensboro, North Carolina. The Mission Capital team of Beau Williams, Steven Buchwald, and Justin Hunt represented Milestone Hospitality Management in arranging the loan, which refinances the property’s existing financing and includes funding for a brand-required property improvement program (PIP).
The DoubleTree by Hilton in Greensboro is one of the region’s premier full-service hotels, featuring 4,350 square feet of banquet space, a modern business center, fitness center, and a wide range of in-room amenities. The planned PIP will completely refresh and enhance all guestrooms, further raising the hotel’s profile in the local market.
The property benefits from its strong location near the Greensboro Coliseum Complex (GCC), a major demand driver that hosts 1,100 events annually, including NCAA and ACC basketball championships and live musical performances.
“Due to the hotel’s strong location in the Greensboro market and significant forward bookings, we were able to generate significant lender interest and receive attractive financing for the sponsor,” said Williams. “We were also able to achieve a closing of the transaction in less than 30 days, to meet the expedited timing requirements of our client.”