Joel Hiser Hotel Broker & Loan Specialist: Just sold & arranged financing for the Comfort Suites located in Northern California
Scope of Work:
Successful Close of Escrow – Comfort Suites, Marysville, California
Description of Project:
Joel Hiser, a Hotel Broker & Loan Specialist in the San Francisco office of HTL Hospitality Advisors, is pleased to announce the recent sale and financing of the Comfort Suites Hotel in Marysville, California. HTL represented both the seller, Vikram Enterprises, LLC and the buyer, BW Payson, LLC in the transaction which closed on Monday, September 25, 2017. The buyer of the Hotel plans to complete a full, $1.5 million, renovation of the Choice Hotels International branded property. The interior corridor property, which has an indoor pool and two meeting rooms, traded at 3.6 times room revenue.
HTL arranged a $300,000 subordinated loan with a 3-year term to help structure the capital needs of the buyer for use in completing acquisition as well as the proposed renovation.