Now demolished, a Travelodge Hotel had once been at the 3.6-acre site. The two firms have begun construction on the two hotels and expect to deliver in first quarter of 2008.
HFF managing director Mark Remington, who is based in the company's Washington, DC office, arranged the construction financing for the partners through Bank of America.
Three-year $17 million and $18.1 million adjustable-rate construction/mini-permanent loans were arranged for the Fairfield Holiday Inn properties Holiday Inn Express Hotel & Suites, respectively.
Remington would not disclose development costs but he tells GlobeSt.com that the loans were highly levered.
The hotels plan to be price competitive compared to in Downtown hotels, he adds. "During the week a hotel room Downtown can run $300 per night. The price points at these hotels will be around $150."
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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.
