SpringHill Suites by Marriott
The SpringHill Suites by Marriott in Harrisburg PA is a 118 room all suites hotel newly built in 2009. The owner/developer AVA Development chose Llenrock Group to source their permanent financing in early 2011 while the capital markets were still partially frozen. The owner sought out Llenrock for its experience and expertise in hospitality lending. Llenrock was able to secure permanent 10-year fixed rate debt at a 6% interest rate from a European Investment Bank conduit lender. Given the operator’s stellar track record of hospitality ownership and management, the lender was comfortable going to 60% LTV in an asset class which has been hard to finance even at 50% LTV, if at all.
Andrew Benioff, Founder and Managing Partner of Llenrock, stated “The opportunity to work with this particular development group was something special for our team. We relish working with partners that have goals that are properly aligned with ours and who are as committed to a collaborative process as we are.”