By Anca Gagiuc
Austin, Texas & Nashville, Tenn.—HFF announced it has facilitated a $45 million refinancing for a portfolio incorporating four Marriott-branded hotels located in College Station and Round Rock, Texas and Nashville, Tenn.
HFF worked on behalf of the borrower, Wheelock Street Capital LLC, to place the three-year, floating-rate loan with two one-year extensions with a national bank. The investment was used to take out existing acquisition financing and provide capital to continue Wheelock’s property improvement plan.
The 441-key portfolio has been under Wheelock’s ownership since 2013 and consists of two properties in Texas and two in Nashville. The Texas properties are the 125-guestroom Courtyard Marriott in College Station, located at 3939 State Highway 6, at the main campus of the Texas A&M University System, and the 113-guestroom Courtyard Marriott in Round Rock, located at 2700 Hoppe Trail. The latter is adjacent to the 2.1 million-square-foot Dell world headquarters, with another nine million square feet of premier office space within a five-mile radius from the property.
The Nashville assets are the 94-key Courtyard Marriott Opryland and the 109-key Fairfield Inn & Suites Opryland, located at 225 and 125 Music City Circle, approximately one mile from the Gaylord Opryland Resort and Convention Center and the Grand Ole Opry.
Managing Director Steven Klein, Director Casey Wenzel and Associate Rory Shepard led the HFF debt placement team representing the borrower.
“A large part of the success of this transaction is attributable to Wheelock’s ability to increase the hotels’ performances through both their institutional ownership and deep knowledge of improving and operating hotel portfolios as well as the strategic locations next to significant demand drivers in their respective submarkets,” Klein said in prepared remarks.
Images courtesy of Marriott