ROBERTDOUGLAS ADVISES PARTNERSHIP ON THE $57 MILLION REFINANCING OF THE MARRIOTT ST. LOUIS GRAND IN ST. LOUIS, MISSOURI
RobertDouglas announced today that it advised on the $57 million refinancing of the Marriott St. Louis Grand hotel. The five-year, floating rate financing was provided by a debt fund managed by Apollo Global Management.
St. Louis is renown as a business‐friendly city with world‐class universities, two legendary major league sports franchises, award‐winning restaurants and an abundance of art and entertainment venues that support a dynamic year‐round base of hotel demand. The 917-key Hotel, which was acquired by an affiliate of Haberhill LLC in 2014 and converted from a Renaissance-branded hotel to the Marriott Grand following the completion of a comprehensive, top-to-bottom renovation in 2015, is situated directly opposite the America’s Center Convention Center and is a short walk from St. Louis’s famed Gateway National Park and the city’s beloved Cardinal Stadium.
Evan Hurd, a Managing Director of RobertDouglas, noted: “lenders responded with enthusiasm to the strength of the St. Louis market, the quality of the newly-renovated hotel and the healthy in-place cash flow of the Marriott St. Louis.”
“Apollo was thoughtful in their approach to the financing, helping to meet ownership’s goals for the property while delivering highly-competitive terms and pricing as well as being responsive throughout the process,” remarked Doug Hercher, Managing Director and Principal at RobertDouglas.