Upgrades Planned for InterContinental Hotel

KANSAS CITY, MO— Aztec Group, Inc. , of Miami has arranged a $75.1 million first mortgage loan for the InterContinental Hotel here on behalf of The Procaccianti Group (“TPG”). The loan was placed with Deutsche Bank . Formerly a Ritz-Carlton and a Fairmon t, the InterContinental Hotel Kansas City is a 12-story, 366-room, full-service hotel. The institutional-quality asset and winner of the AAA Four Diamond Award for 22 consecutive years, offers an upscale restaurant, private club lounge, business center and fitness facility, outdoor pool, concierge services, florist, and gift shop. Senior managing director, Boaz Ashbel arranged the loan. Substantial funds are earmarked for the renovation and upgrade of the property. The hotel will continue to be professionally managed by TPG Hospitality , which has successfully operated it since 2006. “This marks yet another landmark transaction for TPG. We are very pleased that the new loan positions the property’s continued success into the foreseeable future,” noted Greg Vickowski, chief financial officer of TPG. According to Ashbel, the property generated tremendous interest from major lenders. The iconic Country Club Plaza district, currently under contract for $660 million, is a fifteen-block, outdoor destination surrounded with an abundance of first-class shopping, dining, and entertainment venues. Founded in 1981, Aztec Group, Inc. specializes in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs and commercial developers as well as offshore clients. It is said to be Florida’s leading real estate investment and merchant banking firm. Founded in 1964, TPG is a second generation privately-held real estate investment and management company with a broad national platform encompassing all sectors of real estate.