Arriba Capital closed a portfolio of 5 hotels (3 Holiday Inn Express and Suites, 1 La Quinta and 1 Comfort Suites) in the Northwestern Atlanta suburbs totaling $24,000,000. The 10yr, non-recourse financing provided by Arriba was sized up to a 10% debt yield. The new loan allowed the borrower to pull cash-out on all properties up to 70% LTV. Cash-out proceeds will be used by the borrower to acquire more hotels to expand its real estate holdings and management business throughout the U.S. Arriba closed the loans in 5 weeks from application to meet a time of essence closing for the borrower before the rise in interest rates.
The borrower is an experienced, privately held, Atlanta-based hospitality development and management company. The borrower has developed more than 20 hotels throughout the continental U.S.