By Evelyn Jozsa
Mission Capital Advisors has secured a $21.4 million non-recourse loan to refinance the DoubleTree by Hilton Greensboro, a 175-key, full-service hotel in Greensboro, N.C. The firm represented Milestone Hospitality Management in the transaction. The loan will be used to refinance the asset’s existing financing and includes funding for a brand-required property improvement program.
Located at 3030 W. Gate City Blvd., the asset is situated near Interstate 40, within 15 minutes of Piedmont Triad International Airport. Additionally, the hotel is close to the Greensboro Coliseum Complex, which hosts more than 1,000 events each year, including NCAA and ACC basketball championships and musical performances.
The DoubleTree by Hilton Greensboro features 4,350 square feet of banquet space, a business center and a fitness center. The guestrooms will be upgradd as part of the property improvement program.
“Due to the hotel’s strong location in the Greensboro market and significant forward bookings, we were able to generate significant lender interest and receive attractive financing for the sponsor,” said Beau Williams of Mission Capital Advisors, in prepared remarks. “We were also able to achieve a closing of the transaction in less than 30 days, to meet the expedited timing requirements of our client.”
Mission Capital Advisors’ debt and equity finance team included Williams, Steven Buchwald and Justin Hunt.
Image courtesy of Mission Capital Advisors