Hospitality Funding Closes Third Choice Hotel Construction Financing
Hospitality Funding, Inc. a Palm Beach-based boutique financial advisory firm, has facilitated a $13.6M construction loan for Choice Hotels in El Paso, TX. This closing marks Hospitality Funding’s third Choice construction financing.
The property will be 122 keys and branded as an Everhome Suite for Choice hotels. The property is located minutes from the El Paso International Airport which is the busiest commercial airport in West Texas, Soutern New Mexico and Northern Mexico.
“We’re pleased to close another transaction with Choice Hotels. We ran a process and were successful placing the debt with a regional credit union at a 6.99% interest rate. A great execution in this environment” says Scott Silver, CEO of Hospitality Funding.
About Hospitality Funding, Inc
Hospitality Funding, Inc. is a boutique investment advisory firm focused on raising equity, mezzanine, and debt financing for the acquisition of all types of hospitality assets. Hospitality Funding works with superior sponsors to find capital solutions that fit their specific goals for property acquisitions. For more information, please visit www.hospitalityfunding.com.
About Choice Hotel
Choice Hotels International, Inc. (NYSE:CHH) is one of the largest and most successful lodging franchisors in the world. With more than 7,000 hotels, representing nearly 570,000 rooms, in over 40 countries and territories as of December 31, 2018, the Choice® family of hotel brands provides business and leisure travelers with a range of high-quality lodging options from limited service to full-service hotels in the upscale, midscale, extended-stay and economy segments. The award-winning Choice Privileges® loyalty program offers members benefits ranging from everyday rewards to exceptional experiences. For more information, visit www.choicehotels.com.
About HighSide Companies
Highside Companies is a collective of dedicated and experienced teams offering expertise in every aspect of the commercial real estate lifecycle across the United States. Highside consists of three companies: Development, Investment and Project Management, along with a selection of additional services for a tailored approach to the completion of a successful real estate development project. From initial strategic portfolio planning, to project capitalization, through completion and future capital expenditure planning, HighSide expertly and comprehensively manages the risk and opportunity of each asset. HighSide Companies is based in Denver, Colorado.