Riley Hotel Group Secures $8.1M Refinance For 118-Key Hampton Inn In North Olmsted
24601 Country Club Boulevard
$8,100,000
Building Size
—
Asset Type
Hotel
Closing
Oct 16, 2024
AI
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.
Players
North Olmsted 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
1.96%
Cash-on-Cash
-0.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93