The LCP Group Refinances Denver Hotel Complex For $85 Million Loan
321 17th Street
$85,000,000
Building Size
—
Asset Type
Hotel
Closing
Feb 7, 2024
AI
The LCP Group has orchestrated an $85 million refinancing deal for a Denver hotel complex located at 321 17th Street in Denver, CO. The hotel complex includes the iconic Brown Palace Hotel and Spa Autograph Collection alongside the Holiday Inn Express Denver Downtown, totaling 474 keys.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $85,000,000
- Address: 321 17th Street
- Market: Denver, CO
- Lender: Bryan Martoken - Benefit Street Partners Realty, E. Robert Roskind - The LCP Group & Michael J. Arougheti - Ares Management
- Landlord: John Goff - Crescent Real Estate
The key individuals behind this refinancing deal are Bryan Martoken from Benefit Street Partners Realty, E. Robert Roskind representing The LCP Group, Michael J. Arougheti from Ares Management, and John Goff of Crescent Real Estate.
Players
Denver 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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93