Cronheim Hotel Capital (CHC) has secured $13.25 million from a regional bank to capitalize the leasehold acquisition and change of ownership PIP for the Hampton Inn & Suites in Prattville, Alabama. The five-year financing includes 18 months of interest only and no prepayment penalty for the life of the loan.
The hotel is located just outside of Montgomery and proximate to a variety of demand generators, such as Maxwell Air Force Base and the Alabama State Capitol. There will be a full property refresh following the acquisition.
David Turley, president of CHC, said, “Many lenders struggled with the leasehold nature of the property, which isn’t common in a suburban location like this. We ultimately secured the financing with a close banking relationship of ours that saw through the noise and recognized how compelling of an asset and market this truly is. We’re very pleased with the execution for our client and excited to watch them steward the hotel’s strong performance.”
