Cincinnati Holiday Inn Express

$6,600,000 | Cincinnati, OH

Background:

Owner/operator group sought to cash-out equity through refinance of limited-service hotel in order to complete simultaneous acquisition.

Challenges:

• 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.

Solution:

• 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.

Outcome:

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.