Cincinnati Holiday Inn Express
$6,600,000 | Cincinnati, OH
Owner/operator group sought to cash-out equity through refinance of limited-service hotel in order to complete simultaneous acquisition.
50-year old box was totally redeveloped but still located 25 minutes from major area demand drivers.
Heavy reliance on leisure groups and leisure/transient room nights.
Ongoing litigation between Borrower and contractor.
Rigid timeline due to closing requirements of new acquisition.
CHC created viable options that offered the Borrower certainty of execution on a rigid closing timetable.
CHC worked closely with every party to the transaction and ensured timelines and proceeds expectations were met.
CHC cashed-out the Borrower with a 10-year non-recourse loan at a sub-5% interest rate. The Borrower closed on its next acquisition mere days later.