Last month GlobeSt.com reported that DiamondRock had entered into an agreement to purchase both properties.
DiamondRock procured $97 million of mortgage financing from Goldman Sachs & Co. on the Renaissance Waverly Atlanta Hotel. This loan is fixed at 5.5% for a 10-year term. It is interest only for the entire term.
For the Renaissance Austin Hotel Merrill Lynch & Co. provided $83 million of property level mortgage financing. Like the mortgage it received from Goldman, this IO loan also has a fixed rate of 5.5% over 10-year term.
The company plans to make $12 million in renovations on the properties, including adding 14 new keys at the Austin hotel and repositioning the Waverly hotel's food & beverage offerings.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
