Firm secures attractive financing terms on 10-year mortgage
Bonita Springs and Palm Beach, Fla. – (Feb. 8, 2016) — Hospitality Funding, a Palm Beach-based boutique financial advisory firm, has facilitated a 10-year, $6.175 million loan for the owner of the La Quinta Inn & Suites Bonita Springs/Naples North in Bonita Springs, Fla.
The fixed-rate loan is secured by the 87-room hotel at 28600 Trails Edge Road. An affiliate of Waramaug Hospitality is the owner of the hotel. Waramaug is a privately held investment group that focuses on acquiring legacy branded assets throughout the United States.
Hospitality Funding Chairman Scott Silver and President Steven Fischler handled the La Quinta transaction on behalf of the firm.
“While the markets have been changing over the last few months, Hospitality Funding was still able to executive an attractive 70 percent, 10-year financing for our client,” Silver said.
Hospitality Funding focuses on premium select service, full-service and development transactions, with a particular expertise in value-added opportunities. In January, Hospitality Funding formed a strategic alliance with leading global hotel management company Interstate Hotels & Resorts. The companies have worked together on various debt and equity sources since 2010, and as part of the strategic alliance Hospitality Funding is assisting Interstate’s clients with their capital market needs for hotel projects.
The four-story La Quinta property underwent a comprehensive renovation in 2012. It ranks in the top 2 percent nationally in the La Quinta System and enjoys a top ranking in the local market by TripAdvisor. The property is located five miles from the Gulf of Mexico beaches and plentiful shopping.
