RobertDouglas Advises On The $54 Million Refinancing Of The Magnolia Hotel Denver Located In Denver, Colorado
RobertDouglas announced today that it advised Stout Street Hospitality on a $54 million refinancing of the Magnolia Hotel Denver with a national commercial bank. The five-year, fixed rate loan will ultimately be contributed to a CMBS securitization pool.
Located in the heart of Downtown Denver in the historic 1911 First National Bank / American National Bank building, the 297-key Magnolia Hotel Denver is within close proximity to all of the market’s major demand generators, including the Colorado Convention Center, Coors Field, Sports Authority Field, Pepsi Center, Colorado State Capitol, the 27 million-square-foot Downtown office market, and over a hundred bars, restaurants and entertainment venues. Following the lead of the Sponsor’s Magnolia properties in downtown Houston and St. Louis, the Magnolia Hotel Denver will join Marriott’s Tribute Portfolio later this year upon completion of a property improvement plan that will focus on upgrades to the lobby area and other public spaces.
“The Hotel’s superior location, newly-renovated guestrooms, robust in-place cash flows, and affiliation with the hotel industry’s dominant branded distribution network attracted strong interest to the financing request, which enabled us to deliver to the Sponsor a wide range of attractive fixed and floating-rate financing options at varying proceed levels and structures,” noted Stephen O’Connor, Principal and Managing Director at RobertDouglas.
“The CMBS execution ultimately delivered the level of debt proceeds that the Sponsor was seeking to secure, while mitigating the potential for interest rate risk over the term of the loan,” remarked Robert Stiles, Principal and Managing Director at RobertDouglas.