Residence Inn Philadelphia Airport
The Residence Inn Philadelphia Airport is a 102-suite hotel located one mile from Philadelphia International Airport. Financing the property proved challenging due to the planned conversion of the property to a Hawthorn Suites by Wyndham. On behalf of its client, Llenrock secured a three-year, $5.175 MM bridge loan in order to stabilize the asset under its new brand before ownership sought additional financing.
Llenrock Group Founding Partner Andrew Benioff comments, “This deal proved challenging because the hotel, despite its current efficiency and profitability, came with the uncertainty of a future rebranding. It was important to inform the lender of the asset’s current and future performance. Our client was extremely organized and patient throughout this difficult refinancing process.”