Palm Beach, Fla. – Hospitality Funding, a Palm Beach-based boutique financial advisory firm, has facilitated a 10-year, $12.6 million loan for the owner of the Holiday Inn Express in Plantation, Fla.
The fixed-rate loan is secured by the 156-room hotel at 1701 N University Drive. 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 stated, “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”.
Hospitality Funding focuses on premium select service, full-service and development transactions, with a particular expertise in value-added opportunities. Earlier in 2016, 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. This transaction marks the fifth transaction since the strategic alliance was formed.