Holliday Fenoglio Fowler, L.P. announces that it has arranged financing for the acquisition of Embassy Suites by Hilton Baltimore at BWI Airport, a 251-room, Hilton-branded, all-suite hotel near Baltimore/Washington International Thurgood Marshall Airport in the Baltimore-area community of Linthicum Heights, Maryland.
The HFF team worked on behalf of TCOR Hotel Partners (TCOR) to arrange a joint venture equity partnership with Dallas-based TriGate Capital, LLC. Additionally, working on behalf of the new partnership, the HFF team placed the five-year, fixed-rate loan with a local bank. Loan proceeds will be used to fund the acquisition of the hotel.
Embassy Suites by Hilton Baltimore at BWI Airport opened in 1987 and just completed a comprehensive multi-million-dollar renovation in 2016 with additional improvements planned with renovation of the bathrooms, wet bar area of the suite and the meeting space. The hotel features a multi-story atrium, fitness center, business center, meeting rooms, complimentary appetizers and beverages at the nightly evening reception, lounge, complimentary cooked-to-order breakfast, indoor pool and the BISTRO One restaurant. The hotel is situated on 7.15 acres at 1300 Concourse is in Linthicum Heights, Maryland, an unincorporated community in the Baltimore/Annapolis area eight miles from Baltimore Inner Harbor, less than 20 miles from Annapolis and 25 miles to downtown Washington, D.C. Embassy Suites by Hilton Baltimore at BWI Airport is proximate to Baltimore/Washington International Thurgood Marshall Airport, which welcomes more than 26.4 million passengers a year and is among the top 25 busiest airports in the country.
The HFF debt placement team representing the borrower was led by senior directors Pete Fehlman and Chris Hew.
About TCOR Hotel Partners
TCOR Hotel Partners is a hotel acquisition platform designed to drive value and create superior returns to its investors. This is the third hotel acquired by TCOR. The focus of TCOR is on opportunities that provide immediate yield at deal execution, upside operational/management reposition, value to replacement cost and post-acquisition capital improvements and repositioning opportunities for yield benefit. TCOR will focus primarily on the branded, premium select service and extended-stay segments of the hotel space in primary and secondary markets which demonstrate positive demand factors.
About TriGate Capital, LLC
TriGate Capital, LLC is a market leading real estate private equity firm focused on recapitalizing and repositioning real estate assets and companies. TriGate: i) acquires real estate assets that are in need of capital or management focus; ii) provides capital for the recapitalization of commercial real estate assets and companies; iii) acquires non-performing commercial real estate loans; and iv) capitalizes platforms with quality operators that are focused on a specific investment strategy. TriGate has purchased over 13 million square feet of properties and has approximately $1.3 billion of capital under management. The firm manages three fully discretionary real estate funds; Funds I and II are fully invested and Fund III is presently in its investment period with a significant amount of capital available for new investment.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
