Arriba Capital successfully closed a $5,000,000 loan for the Quality Inn located in Biloxi, MS. The property was severely damaged in 2007 due to Hurricane Katrina and rebuilt in 2009. The borrower also suffered in 2011 from the BP Oil Spill in the Gulf on Mexico. Through perseverance and quality management, the borrower was able to stabilize operations after multiple catastrophes. Arriba's new loan allowed for the borrower to lock-in attractive long-term financing, consolidate debt, facilitate buy-out of partners and allow for capital improvements to the property required by Choice Hotels.
The borrower is a privately held, Mississippi-based hospitality management company. The borrower is currently working with Arriba on an acquisition loan for another hotel in the area.