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 Senior Managing Director, Boaz Ashbel, has arranged a $75.1 million first mortgage loan for the InterContinental Hotel in Kansas City, Missouri on behalf of The Procaccianti Group ("TPG"). The loan was placed with Deutsche Bank.
Formerly a Ritz-Carlton and a Fairmont, the InterContinental Hotel Kansas City is an impressive 12-story, 366-room, full-service hotel. The institutional-quality asset and winner of the AAA Four Diamond Award for 22 consecutive years, offers an upscale restaurant, private club lounge, business center and fitness facility, outdoor pool, concierge services, florist, and gift shop. Included in the new loan are substantial funds earmarked for the renovation and upgrade of the property. The Hotel will continue to be professionally managed by TPG Hospitality, which has successfully operated it since 2006.
"This marks yet another landmark transaction for TPG. We are very pleased that the new loan positions the property's continued success into the foreseeable future," noted Greg Vickowski, Chief Financial Officer of TPG.
According to Ashbel, “This property generated tremendous interest from major lenders, reflecting the quality of the asset, its superior location, dedicated associates, and the track record and exceptional reputation of TPG."
The iconic Country Club Plaza district, currently under contract for $660 million, is a fifteen-block, outdoor destination surrounded with an abundance of first-class shopping, dining, and entertainment venues spanning 1.3 million square feet. The area hosts 16.5 million visitors annually with its timeless architecture, high-end office and retail tenancy, and unparalleled connection to the residents in the region.
