In terms of financing, PMZ Capital arranged a loan for the Westin hotel near Baltimore / Washington International Airport, Knighthead Funding provided funding for two hotels in the Memphis area, and VICI Properties entered into a strategic financing agreement for the Great Wolf Lodge.
PMZ Realty Capital provides loan to Westin Baltimore
PMZ Realty Capital LLC, a national real estate investment banking firm, arranged a $ 27 million non-recourse loan from a life insurance company for Westin Baltimore Washington Airport – BWI. The proceeds from the loan will be used to pay off the existing mortgage that has expired.
The 260-room hotel features free Wi-Fi, WestinWORKOUT fitness studio, indoor heated pool, 24-hour business center and 13,226 sq. Ft. Of meeting rooms divided into nine meeting rooms.
The hotel is located less than three miles from Baltimore / Washington International Airport and close to attractions such as the National Aquarium, Oriol Park at Camden Yards, University of Maryland, Baltimore Inner Harbor and M&T Bank Stadium.
Knighthead Funding is providing $ 12.1 million to refinance two hotels in Memphis.
Knighthead Funding LLC has provided the Tennessee-based hotel development and management partnership with the first $ 12.1 million mortgage loan to refinance a portfolio of two Marriott-flagged hotels in Memphis, Tennessee, on the Southhaven, Missouri submarket.
Funding is provided by the 85-room Courtyard by Marriott and the neighboring Residence Inn by Marriott with 78 rooms. Both hotels were built in the mid-2000s by a sponsor who has over 50 years of experience in the hospitality industry. The proceeds from the three-year non-recourse loan will be used to obtain the maturing CMBS loan.
Despite the challenges posed by COVID-19, both facilities performed very well during the pandemic. The Courtyard was closed during the first three months of the pandemic and customers were directed to the Residence Inn. Since reopening in June 2020, the Courtyard has a 94% occupancy rate, according to Knighthead, and both hotels are well above expectations.
VICI Properties to Provide Funding for Great Wolf Resorts
VICI Properties Inc. has entered into a strategic agreement with Great Wolf Resorts Inc., a portfolio company of Blackstone Real Estate, under which VICI may provide funding for the construction and development of Great Wolf Lodge resorts throughout the United States.
As part of this arrangement, VICI agreed to provide a $ 79.5 million mezzanine loan related to the development of the $ 250 million Great Wolf Lodge Mid-Atlantic project in Perryville, Maryland, which is expected to be completed by the summer. 2023 year. The mezzanine loan has an interest rate of 8% and an initial maturity of three years with two consecutive 12-month extensions, subject to certain conditions. The investment is expected to be financed in accordance with the construction schedule.
In addition, subject to a non-binding written agreement, VICI will be able to provide up to a total of $ 300 million in mezzanine funding over a period of up to five years for the development and construction of Great Wolf’s domestic and international domestic water supply networks. park resort pipeline.