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Despite Credit Crunch Larkin Hospitality Finance Closes
Four Separate Hotel Property Loans
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DALLAS, TX – Feb 24, 2009 – Larkin Hospitality Finance, a national hotel investment firm specializing in financing hotel properties, announced today that it recently closed four separate loans totaling $16.6 million for their clients.

The hotels included the 

  • Hampton Inn (Lexington Park, MD), 
  • Comfort Inn (Kingsville, TX), 
  • Best Western (Winter Park, CO), and 
  • Holiday Inn Express (Cedar Hill, TX). 
Three of the transactions were refinances while the Holiday Inn Express project was construction/mini-perm. Loan sizes ranged from $3 to 6 million, and all were 5-year terms. Two of the loans were fixed interest rate (6.00% and 6.88%) and two were floating-rate without floors (3.22% and 4.59%). Two of the transactions refinanced maturing conduit/CMBS loans.

“Larkin’s commitment to each client is what impressed me most.” said Markarios president Kim Chong, developer of the Cedar Hill Holiday Inn Express.  “This is our second transaction with Larkin; last year they refinanced our Comfort Inn. There is no doubt in my mind that they stand out from the rest. Their professionalism and knowledge will benefit anyone looking to finance or refinance hotels.”

2009 Hotel Financing Outlook

“Just as 2008 disappointed on the downside, I believe 2009 will surprise us on the upside, with both the economy and markets doing better than we now expect,” said Cameron Larkin, managing director at Larkin Hospitality Finance. “It’s certainly the most difficult hotel financing environment in recent memory, but managed properly, many transactions can still get done. I just can’t stress enough how important it is to actively manage even the smallest details throughout the financing process.”

Larkin added that the increasingly sophisticated ownership base in the hospitality industry is helping to moderate the impact of the current downturn. “After several years of record profitability and smart reinvestment, most hoteliers will have the carrying capacity to ride out this storm. In fact, many are already planting the seeds for the next level of wealth creation in our industry.”

Larkin Hospitality Finance is a national investment-banking firm focused exclusively on meeting the debt and equity financing needs of hotel owners and developers. Based in Dallas, the firm was founded by banking professionals with over 16 years experience both financing hotels and the financing industry.

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Contact:

Larkin Hospitality Finance
Cameron J. Larkin
4407 Belmar Court, Ste. 140, Dallas, TX 75287
Phone: (469) 916-8518
Email:  cameron@larkinhf.com
http://www.larkinhf.com
 

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Also See: Workouts and Special Servicing for Hotel Mortgage Loans: What Is So Different About Troubled Hotel Loans / Jim Butler / November 2008
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