SANTA MONICA, CA—Vista Capital Co. has raised $32 million in refinancing for five hotels in Arizona and Utah.

The portfolio consists of limited-service and full-service assets and encompasses 478 rooms. Four of the hotels are located within a mile of each other in Goodyear, AZ, part of metropolitan Phoenix.

The Goodyear properties include a Hampton Inn & Suites; a Holiday Inn Express; a Residence Inn; and a Holiday Inn Hotel & Suites. The fifth property is a Holiday Inn Express in Washington, Utah.

Zak Selbert, the founding principal at Vista Capital, says this is their eighth hotel closing in six months. “Hotels experience the ups and downs of the economy faster than any property type, as they rent rooms daily,” Selbert tells GlobeSt.com. “The most recent upswing in the economy impacts them dramatically, more so than retail, where you sign leases for ten years.”

The deal was funded by an unidentified major American investment bank via their structured finance CMBS group. The new non-recourse financing will retire the former recourse loan while concurrently reducing debt service payments, extending the amortization schedule, and providing ownership with an equity recapitalization. The financing will also be used to fund various renovation projects.

Selbert says the fixed-rate 4.5% loan has a 10-year term and 30-year amortizations. "Ownership successfully realized all of their desired objectives through the closing of this transaction.”

As reported earlier by GlobeSt.com, the hotel industry is having a golden moment.