Cronheim Hotel Capital Secures $11M Refinance Loan For Courtyard Houston Intercontinental Airport
15838 John F Kennedy Boulevard Frontage Road
$11,000,000
Building Size
—
Asset Type
Hotel
Closing
Mar 18, 2024
About this deal
AI
The Courtyard Houston Intercontinental Airport, located at 15838 John F Kennedy Boulevard Frontage Road, is a 127-key hotel in Houston. Concord Hospitality, under the ownership of Mark Laport, operates the property.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $11,000,000
- Loan Type: Refinance
- Landlord: Mark Laport - Concord Hospitality
- Broker: Beau Williams - Cronheim Hotel Capital
Beau Williams of Cronheim Hotel Capital served as the broker in securing an $11 million loan to refinance the property. Williams, the senior managing director, emphasized the importance of maintaining relationships amidst banking system volatility and expressed gratitude for key connections in facilitating the deal.
On the Map
$11,000,000
Hotel
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Players
Houston 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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93