Newport Hospitality Group Refinances Residence Inn In Blacksburg For $18.3M

The Residence Inn by Marriott Blacksburg-University, a 126-key hotel located at 850 Prices Fork Road in Blacksburg, VA, has been refinanced through an $18.3 million loan. The loan was secured by Newport Hospitality Group, the landlord of the property, based in Williamsburg, VA. The hotel was developed by Newport Hospitality Group in 2017.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $18,300,000
• Address: 850 Prices Fork Road - Residence Inn by Marriott Blacksburg-University
• Market: Blacksburg, VA
• Asset Type: Hotel
• Keys: 126
• Landlord: Andrew Carey - Newport Hospitality Group
• Broker: Stephen Haase - Greysteel
• Loan Type: Refinance

Andrew Carey is the landlord of the property, representing Newport Hospitality Group, which developed the hotel. Stephen Haase from Greysteel worked as the broker in facilitating the $18.3 million loan refinance for the Residence Inn Blacksburg-University.