{"id":1004291294,"date":"2019-01-14T02:29:50","date_gmt":"2019-01-14T10:29:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004291294"},"modified":"2022-12-08T21:28:08","modified_gmt":"2022-12-09T05:28:08","slug":"first-ever-marriott-sheraton-hotel-takes-shape-in-tx","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/first-ever-marriott-sheraton-hotel-takes-shape-in-tx\/","title":{"rendered":"First-Ever Marriott, Sheraton Hotel Takes Shape in TX"},"content":{"rendered":"

By Holly Dutton<\/p>\n

\"\"<\/a>

Rendering of Four Points by Sheraton<\/p><\/div>\n

Ram Hotels has secured acquisition and renovation financing to convert an existing hotel in Amarillo, Texas, into the first-ever dual-branded Marriott and Starwood property. The developer will transform the existing 229-key property into a 106-key Marriott Fairfield Inn & Suites and a 123-key Four Points by Sheraton.<\/p>\n

Located at 1911 E. Interstate 40, the site is in close proximity to Amarillo\u2019s downtown business district and Amarillo International Airport. The city is the largest in the Texas Panhandle and draws tourists for its events that include the Tri-State Fair & Rodeo.<\/p>\n

Amenities at the converted property will feature a 24-hour fitness center, an outdoor pool, patio deck with grills and a fire pit. Additional improvements will include removing the existing atrium, large-scale upgrades to guestrooms and a complete facelift to the property\u2019s facade.<\/p>\n

Mission Capital Advisors arranged the non-recourse, floating-rate loan. The team of Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented Ram Hotels in securing the three-year mortgage from Stonehill Strategic Capital.<\/p>\n

Most recently, Marriott rebranded and opened a 186-key Four Points by Sheraton<\/a> in Toronto.<\/p>\n

Image courtesy of Mission Capital Advisors<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The dual-branded hotel in Amarillo, Texas, will be converted from an existing 229-key property. Mission Capital arranged financing for the project on behalf of developer Ram Hotels.<\/p>\n","protected":false},"author":745,"featured_media":1004291297,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21751,21742],"tags":[33877,34876,43667,34448,33377,43670],"class_list":["post-1004291294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-hotel","category-latest","tag-marriott","tag-mission-capital-advisors","tag-ram-hotels","tag-sheraton","tag-starwood","tag-stonehill-strategic-capital"],"acf":[],"yoast_head":"\nFirst-Ever Marriott, Sheraton Hotel Takes Shape in TX - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/first-ever-marriott-sheraton-hotel-takes-shape-in-tx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First-Ever Marriott, Sheraton Hotel Takes Shape in TX\" \/>\n<meta property=\"og:description\" content=\"The dual-branded hotel in Amarillo, Texas, will be converted from an existing 229-key property. 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