King of Prussia, PA — Cronheim Hotel Capital (CHC) has arranged acquisition financing totaling $12.075 million for the Holiday Inn Express & Suites in King of Prussia. The loan was placed with a national lender for a securitized execution and offered a 10-year term and 30-year amortization.
The 155-room Hotel benefits from its strategic positioning near the convergence of four major thoroughfares, I-76, I-276 (Philadelphia Turnpike), US 422, and US 202, which provides convenient access to Philadelphia’s central business district, the capital region’s extensive highway network, and a variety of regional demand generators. It has a desirable select service brand (part of Intercontinental Hotels Group) with strong in-place cash flows and superior RevPAR penetration levels.
David Turley, principal of CHC said that this is CHC’s sixth transaction with this client and went on to say, “The institutional quality, premium branded, select-service hotel in such an excellent location, in an established market were great marketing points when we were speaking with lenders. The property was also recently renovated and had a proven track record. These were all extremely appealing when securing financing for the acquisition.”