RobertDouglas Advises Maritz, Wolff & Co. On A $12.5-million Financing For The Redevelopment Of The Courtyard Convention Center Hotel In Downtown St. Louis, Missouri
RobertDouglas announced today that it advised Maritz, Wolff and Co. on a $12.5-million financing for the redevelopment of the Courtyard Convention Center Hotel in downtown St. Louis, Missouri. The financing was provided by Wells Fargo Bank.
The Courtyard will open in mid-2015 following the full renovation of the historic Lennox Hotel, which first opened in 1929. Upon completion, the Courtyard is poised to quickly establish itself among downtown St. Louis’ premier hotels given its oversized guestrooms, unique historic features and excellent location at the heart of downtown St. Louis and adjacent to the 1.2 million square-foot America’s Convention Center.
“As interest rates have compressed and competition for stabilized assets increases, we’ve seen lenders embracing construction and redevelopment projects”, commented Evan Hurd, Director at RobertDouglas. “However, lenders are extremely selective and are seeking opportunities that feature strong sponsorship, dynamic lodging markets and the best brands. This project met each of those requirements and was well-received by lenders.”
“The Sponsors were focused on finding a lender with deep construction experience and an in-depth understanding of the hospitality industry”, remarked Douglas Hercher, Managing Director at RobertDouglas, “and Wells Fargo was a perfect fit.”
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry’s pre-eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact firstname.lastname@example.org or go to www.robert-douglas.com.