The San Francisco office of G.E. Capital Real Estate provided the financing, which will be used as corporate working capital by the Ayres Hotel Group, a family-owned and operated chain of hotels headquartered in Costa Mesa.
"Hotel financing, in general, is very challenging," says Jeffrey L. Randolph, a principal of Avalon Financial Group.
Built two years ago, and located at 4370 Mills Circle, the Ayres Country Suites at the Mills Mall, is a 138-room, limited-service hotel that accommodates business travelers to the Inland Empire.
The Ayres Hotel Group currently has 14 hotels in operation with two more set to come online in Orange County by this summer, one in Laguna Woods the other in Anaheim. The company has three more hotels in the pipeline once these latest two locations are opened.
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