Riley Hotel Group Secures $8.1M Refinance For 118-Key Hampton Inn In North Olmsted

The property involved in this transaction is a hotel located at 24601 Country Club Boulevard in North Olmsted, Ohio. The asset type is a Hampton Inn with a total of 118 keys. The transaction was facilitated with a refinance loan amounting to $8,100,000 on a five-year term, characterized by full-term interest-only payments at a fixed rate of 6.91%.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $8,100,000
• Loan Type: Refinance
• Loan Terms: five-year, full-term interest-only
• Market: North Olmsted, OH
• Asset Address: 24601 Country Club Boulevard
• Landlord: Riley Hotel Group
• Broker Representatives: Jake Marshall & Pete Fehlman - Marcus & Millichap Capital Corporation
• Loan-to-Cost Ratio: 70%
• Fixed Rate: 6.91%
• Keys: 118

Two key individuals involved in this transaction are Jake Marshall and Pete Fehlman, who represent Marcus & Millichap Capital Corporation. They played a pivotal role in arranging the CMBS refinancing for the hotel property under the ownership of Riley Hotel Group, highlighting their expertise in the process of securing financing tailored to the asset's requirements.