Total Financing for 15 Hotels in Five States
hotels managed by White Lodging Services Corporation, Inc.
located in five states
(Chicago, June 6, 2005) – Benjamin L. Kadish, Managing Director of Prairie Realty Advisors, is pleased to announce he has successfully procured fifteen separate loans totaling $155 million for 15 hotels managed by White Lodging Services Corporation, based in Merrillville, Ind. Twelve of the properties are majority owned by principals of White Lodging Services and three properties are owned by principals of the Etkin Johnson Group, a commercial real estate developer and manager based in Denver, Colo.
The properties are all franchises of the Marriott Corporation and most were constructed within the last five years. The 1,500-room group of hotels includes three well-established Marriott Corp., limited-service hotel brands: Courtyard by Marriott, SpringHill Suites by Marriott and Residence Inn by Marriott.
The loans are ten-year, fixed rate, non-recourse CMBS first mortgage loans funded Friday, May 20 by the Midwest office of a Wall Street investment bank. The funding process took less than four months from initial discussions to the funding of the loans.
“This loan was competitively bid through the largest hotel financing sources throughout the country,” said Kadish. “Prairie Realty Advisors’ confidence and experience in the hotel financing sector served as an advantage for White Lodging Services and Etkin Johnson.”
The following hotels make up the portfolio:
Chicago-based Prairie Realty Advisors, Inc. (PRA) is a real estate financial services firm specializing in origination and servicing of commercial mortgages for income producing property. Since 1992, PRA has operated as an efficient intermediary providing access to real estate capital as well as a broad range of advisory services to institutional real estate investors. The firm has arranged more than $1.5 billion in mortgage transactions. A veteran mortgage banker, Benjamin Kadish has financed hotels in more than fifteen states, totaling in excess of $365 million. He has been involved in the closing of more than $1 billion of financing in his more than 25 years in the industry. For more information visit: http://www.prairierealtyadvisors.com.
About White Lodging Services
Established in 1985, White Lodging Services Corp. is a fully integrated hotel ownership, development and operating company. The company is a seven-time Marriott Partnership Circle award winner and operator of over 75 Marriott affiliated hotels. White Lodging Services’ portfolio of more than 90 hotels throughout the country encompasses representation of the following Marriott International brands: Marriott, Renaissance, Residence Inn, Courtyard, Fairfield Inn and SpringHill Suites. For more information visit www.whitelodging.com.
About Etkin Johnson Group
The Etkin Johnson Group has operated in Denver since 1981 and currently holds ownership of more than 5 million square feet of commercial properties in the Denver metropolitan area. The company also currently has 10 hotels in its portfolio. For more information visit: http://www.etkinjohnson.com.