NEW YORK--(BUSINESS WIRE)--HFF announced today that it has arranged a $120 million refinancing for nine full-service hotels totaling 2,264 rooms in California, Florida, Massachusetts, Minnesota, New Jersey, New York, Pennsylvania and Texas.
HFF worked exclusively on behalf of the borrower, Investcorp, to secure the adjustable-rate loan through J.P. Morgan Chase Bank N.A. The loan, slated to be securitized in an adjustable-rate securitization, will be serviced by HFF. Loan proceeds were used to refinance an existing first mortgage.
The hotels in the portfolio consist of five Doubletree by Hilton-flagged hotels, and one hotel each of Marriott, Sheraton, Wyndham, and Hilton Signature flags.
The HFF team representing Investcorp International, Inc. was led by senior managing director Michael Tepedino and directors KC Patel and Michael Gigliotti.
Investcorp is a global investment group with offices in London, New York and Bahrain and has more than 300 employees worldwide. The Investcorp real estate team is an established, well capitalized, value-oriented real estate investor with a long and distinguished track record of success for almost 30 years, having completed transactions with an aggregate value of nearly $43 billion globally.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.