VICI Properties Provides $140.1M Mortgage Financing For Canyon Ranch Tucson And Canyon Ranch Lenox
8600 East Rockcliff Road Tucson, Arizona 85750, USA
$140,135,000
Building Size
—
Asset Type
Hotel
Closing
Aug 22, 2023
AI
VICI Properties Inc., an experiential real estate investment trust, has provided mortgage financing of $140,135,000 for Canyon Ranch Tucson and Canyon Ranch Lenox. The loan was secured for the hotel properties located at 8600 E Rockcliff Rd in Tucson, AZ and 165 Kemble St in Lenox, MA.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $140,135,000
- Market: Tucson, AZ & Lenox, MA
- Lender: Vici Properties
As part of the mortgage financing, VICI Properties Inc. is providing funding to support the operations and development of Canyon Ranch Tucson and Canyon Ranch Lenox. This transaction highlights VICI Properties' commitment to investing in experiential real estate ventures, particularly in the hotel sector.
Players
Tucson Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93