Location: Sedona, AZ
Loan Amount: $12,500,000
Loan Type: Cash-out Refinance
Arriba Capital announces that it recently closed a $12.5mm conventional cash-out refinance for a 144-room, independent hotel located in Sedona, Arizona. The subject has undergone significant property-wide renovations in recent years and is superior to many of the competitive hotels in terms of quality/condition and level of on-site amenities.
Progressing through COVID-19, the business has recovered quickly and, in recent months, has outperformed previous months year-over-year. This can be attributed to leisure traveler's preference for drive-to destinations and Sedona's wide array of outdoor activities.