Walker & Dunlop, Inc. announced that it structured $25,000,000 in financing for Aloft Asheville, a specialty hotel property located in Asheville, North Carolina on October 22. The 115-key property is owned and developed by McKibbon Hotel Group and is centrally located in the heart of the city.
Situated in downtown Asheville, the Aloft hotel is within walking distance to virtually every major tourist attraction in the city. Known for its vibrant arts scene and historic architecture, Asheville’s famous attractions include the Basilica St. Lawrence, Grove Arcade, and the famous Orange Peel concert hall, all of which are within a half mile of the hotel. In addition to its prime location, Aloft Asheville has become one of the most popular hotels in the area, outpacing its competitors over the past several years with its consistently high occupancy and rates.
Part of the Marriott family, Aloft Hotels are most notable for their modern architecture and design, breaking away from the traditional hotel mold by offering purposeful environments to attract the next generation of travelers. The six-story property consists of 115 guestrooms in addition to two 3,000 square-foot retail spaces leased to the restaurant The Blackbird and the outdoor retail outfitter Diamond Brands. Other amenities include a 24-hour food bar, fitness center, three bars and lounges, free Wi-Fi, and keyless hotel access.
The Walker & Dunlop team was led by Doug Hart, Alison Williams, and Matt Baldwin, who specialize in the origination of debt and structured financing solutions for all commercial real estate asset classes, including hospitality properties. The team effectively structured the 10-year, non-recourse refinance loan at an attractive rate. The new loan was provided by a life company lender and will be used to retire existing debt and return equity to the sponsor.
For more information, visit www.walkerdunlop.com.
SOURCE: Walker & Dunlop, Inc.