Miami, Florida — Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm for the past 34 years, is pleased to announce that Managing Director, Boaz Ashbel, has arranged a $14.2 million refinance loan for the Courtyard by Marriott Hotel in Raleigh, North Carolina on behalf of Concord Hospitality Enterprises Company ("Concord"). The non-recourse loan was placed with a community bank and was very competitively priced.
The hotel features 109 guestrooms, bistro, terrace lounge with fireplace, market, business center, meeting space, indoor climate-controlled pool, and fitness center. It is located within the ±1.4MM square-foot Triangle Town Center (“TTC”) shopping center – the largest retail center in Raleigh, and situated at the northeastern quadrant formed by US Route 1 and Sumner Rd, on the western portion of the TTC mall development.
Since its opening, the hotel has exceeded expectations, consistently ranking at the top of the market and outperforming budgeted figures. Efficient management by Concord has allowed the hotel to excel in operations and maintain high guest satisfaction scores.
“Kudos to Concord and the property’s onsite management for a strong and consistent financial performance," noted Ashbel. “These factors, along with the quality of the asset, exceptional sponsorship and strength of the operator, have all contributed to strong quotes from lenders.”
