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Scott $81M Refi Will Fund Two New Hotels

ERIE, PA-The hospitality group uses $49 million to repay debt on a 10-property portfolio and devotes the remainder to expand a water park and build new hotels.

By Marita Thomas | Updated on September 04, 2007

(Read more on the debt and equity markets.)

ERIE, PA-Scott Enterprise Group has obtained $81-million first-mortgage financing on its 10-property portfolio here. The portfolio includes six hotels with an aggregate of 589 rooms, two restaurants aggregating 15,000 sf, a 16,000-sf conference center and a 65,340-sf indoor water park.

All but one of the properties are located at the Pennsylvania Thruway exit along Peach Street. The other, a Days Inn, is approximately three miles east of Peach Street on Schultz Road. Michael Lorigo, account executive for Getzville, NY-based Largo Real Estate Advisors Inc., arranged the financing.

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