RobertDouglas announced today that it represented, as exclusive advisor, TPI Hospitality on the successful refinancing of a 770-key, 7-hotel portfolio of premium-branded hotels in the greater Twin Cities submarkets of Maple Grove/Arbor Lakes and North Metro.
RobertDouglas secured $70.4 million of attractively priced floating-rate debt with an institutional balance sheet lender for the portfolio.
The premium-branded portfolio consists of the 96-key Residence Inn Maple Grove/Arbor Lakes; 84-key SpringHill Suites Maple Grove/Arbor Lakes; 115-key Courtyard Minneapolis Maple Grove/Arbor Lakes; 120-key Hampton Inn Minneapolis Northwest Maple Grove; 119-key Staybridge Suites Mpls-Maple Grove/Arbor Lakes; 136-key Holiday Inn & Suites Maple Grove/Arbor Lakes; and 99-key Hilton Garden Inn Minneapolis Saint Paul-Shoreview.
RobertDouglas also recently advised TPI Hospitality on the successful refinancing of two Homewood Suites hotels in the greater Twin Cities MSA.
“TPI Hospitality is a best-in-class owner-operator,” said RobertDouglas Principal & Managing Director Evan Hurd. “The new lender was able to partner with an exceptional sponsor with unparalleled market experience on seven institutional-quality, high performing hotels with an attractive last dollar basis and at a significant discount to replacement cost,”
“This transaction demonstrates the investment appeal of well-positioned, institutional-quality, premium-branded hotels in today’s marketplace,” added RobertDouglas Vice President Max Chipouras. “This portfolio commanded A+ locations in premier Minneapolis submarkets with zero new supply in the pipeline. In addition, these properties have substantial franchise term runway.”
“We are extremely pleased to once again be working with RobertDouglas on another transaction. Their holistic approach to addressing the capital markets needs of our portfolio and their ability to execute strategic initiatives have been critical. In this case, they have successfully aligned us with an exceptional lending partner.” said TPI Hospitality Chief Investment Officer Chris Flagg.
About TPI Hospitality
With over 80 years of experience in the industry, TPI Hospitality is Minnesota’s largest and most respected hospitality company focused on delivering exceptional service. They develop and operate hotels, restaurants, and conference centers throughout Minnesota and Florida, including award-winning facilities for industry-leading, category-killer hospitality brands such as Holiday Inn, Hilton Garden Inn, Courtyard by Marriott, and Hampton Inn. Their 32-hotel portfolio ranges from full service beachfront resorts to select-service hotels.
With over 1,700 employees, TPI’s extensive expertise and experience in development and hotel renovations keeps their properties competitive in the marketplace. TPI Hospitality manages the entire development process from design, bidding, and the construction of the asset to pre-opening marketing, sales and market positioning. Supported by their experience as landowners, self-designers, and developers, TPI masterfully oversees intricate brand-mandated construction, design, and renovation projects.
About RobertDouglas
RobertDouglas is a real estate investment banking firm with offices in New York, Nashville, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded in January 2013 and currently led by its four partners, Rob Stiles, Doug Hercher, Stephen O’Connor and Evan Hurd, RobertDouglas offers access to exceptional domestic and international institutional investor and lender relationships as it combines the capital markets sophistication of top-tier investment banks with diligent hotel underwriting and proven asset management experience. For more information, contact [email protected] or go to www.robert-douglas.com.
