Hey guys, need some help. I've done loans on pretty much every other asset class except hotels. My client, who is performing a portfolio refinance with me is considering refinancing his 63,000sqft, 110 room hotel here in San Diego. It's basically an A location but a C building.
Any recommendations on lenders? It's free and clear. He wants a $10mil loan.
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Brosephstalin may know
Depends on what kind of takeout he is looking for. Is it stabilized and needs to be permed out? Or is he looking for a bridge loan? What's the in-place debt yield on the 10mm request?
Is everything with the hotel in order? Is it flagged? How's it performing relative to the comp set?
It's an independent operator. Stabilized. Should have financials this coming week. I'll know more about DY and such soon.
Depending on the type of execution and leverage of the loan, the most important part of a hotel right now for securitized loans is its performance in 2013 & 2014. If there is a significant ramp up in NOI due to merely the broader hospitality market, the correlation between pricing and debt yield may seem out of sync.
If you have questions, message me.
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