HFF arranges $36.19 million financing for two select-service hotels in Washington, DC
WASHINGTON, DC — Holliday Fenoglio Fowler, LP (HFF) announced that it has arranged two loans totaling $36.19 million for the Holiday Inn Express & Suites and Fairfield Inn & Suites, two adjacent, 126-room, select-service hotels in Washington, DC.HFF worked on behalf of the borrower, Rocks Engineering Co., to secure the $19.3 million loan for Holiday Inn Express & Suites and the $16.89 million loan for Fairfield inn & Suites with Burke & Herbert Bank.
The fixed-rate loans each have a term of 10 years.The Holiday Inn Express & Suites and the Fairfield Inn & Suites are both five-story hotels with a combination of standard rooms and suites. Each hotel features a breakfast area, lobby, fitness center, swimming pool, business center and between 600 and 800 s/f of meeting space. The Holiday Inn Express & Suites, 1917 Bladensburg Rd., and the Fairfield Inn & Suites, 2305 New York Ave. NE, share 251 parking spaces on 3.6 acres at the intersection of Bladensburg Rd. NE and New York Ave.NE (U.S. Rte. 50), which is a direct artery to downtown Washington. The New York Ave.-NoMa station on Metro’s red line is two miles from the hotel and accessible via a complimentary hotel shuttle, which also takes guests to the Washington Convention Center and other points of interest in Washington, DC.The HFF debt placement team representing the borrower was led by managing director Mark Remington. “This was a win-win between borrower and lender,” Remington said. “The lender was able to keep and increase an existing loan to a long-time and valued client, and the borrower was able to right-size and improve its loan terms to reflect the competitive state of the lending market.”