RobertDouglas Advises Mcneill Hotel Company On The Joint Venture Equity And Senior Debt Financing For The Acquisition Of A Three-hotel Portfolio In Idaho And Utah
RobertDouglas announced today that it advised McNeill Hotel Company in securing a $38 million non-recoursesenior mortgage and arranging joint venture equity for the acquisition of three select service hotels in Idaho and Utah. The 10-year, fixed-rate financing was provided by Bank of America Merrill Lynch and will be contributed to a commercial mortgage backed securitization pool.
Strategically situated along the I-84 Corridor, the 110-room Homewood Suites Boise, 107-room Hilton Garden Inn Twin Falls, and 106-room Hampton Inn and Suites Salt Lake City West Jordan will undergo renovations to improve the properties’ guestrooms and select public areas.
David Smith, Director at RobertDouglas, noted, “The growth rate and performance of McNeill’s assets under management were a key component in attracting like-minded equity investors to the project.”
“McNeill’s resounding sponsorship coupled with compelling in-place net cash flow, and strong Hilton brand-affiliations created a deep financing bid. Ultimately, Bank of America was able to differentiate themselves from the pack and offer the most attractive solution for McNeill,” noted Chris Ropko, Managing Director at RobertDouglas.
McNeill has also retained RobertDouglas to raise an initial commitment of $50 million of joint venture equity to accelerate the roll-out of the firm’s growing platform of strategically-located premium select-service hotels.
About McNeill Hotel Company
Headquartered in Germantown, Tennessee, McNeill Hotel Company focuses on select service hotels with a growth strategy based on a mix of new hotel development, meaningful acquisitions and third party management agreements. The company is an approved franchisee for both Marriott and Hilton. Phillip McNeill, Jr and Mark Ricketts, the company's principals, are 2nd generation hoteliers with over 60 years of combined institutional experience in the hotel industry, encompassing nearly every discipline of the business.