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Permanent Loan Will Go Toward Hotel Addition

ALEXANDRIA, VA-A financing package in the amount of $25 million is put in place for the 156-room Hampton Inn in the Old Town section of the city. The funds will be used for the construction of a 41,500-sf addition that will include an additional 57 suites.

By Barbra Murray | Updated on November 05, 2005

(To read more on the debt and equity markets, click here.)

ALEXANDRIA, VA-Alexandria Hotel Associates received financing to the tune of $25 million for the Hampton Inn located in the Old Town district. The funds, which came in the form of a permanent fixed-rate loan, will be utilized for the construction of an addition to the 156-suite hotel.

GMAC Commercial Mortgage Corp. orchestrated the financing through GMACCM’s Hospitality Industry Division. Alexandria Hotel Associates has owned the property since 1997. According to Fairfax County records, the hotel and the two-acre parcel it occupies at 5821 Richmond Hwy. have a total current assessed value of approximately $14 million.

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