ValueXpress has arranged a $3.9-million CMBS conduit loan for the refinance of a LaQuinta Inn & Suites constructed in 2007 in Katy, TX. The property, a 4-story, 71-room interior-corridor hotel, is constructed by the sponsors to LaQuinta Inn & Suites brand standards. The property features 19 suites, 24 king and 26 double queen rooms. Each room features free high-speed Internet access, a large 27-inch TV with premium cable and HBO, a microwave and a refrigerator. The property has an outdoor pool and business center, and it offers a free continental breakfast.
The hotel is located approximately 25 miles west of Houston’s central business district in the city of Katy, which has seen a tremendous amount of growth over the past several years. The prominent development in proximity to the hotel is the 1.3-million-square-foot Katy Mills Mall on I-10, minutes from the subject property. Commercial development is located primarily on the main thoroughfares around the Katy Mills Mall and Grand Parkway, providing business demand for the LaQuinta Inn & Suites.
“My experience with Jay, Mike and Jim from ValueXpress on this transaction was exceptional,” said Kiran Shah, owner of the property. “Jay immediately came to my property from Mississippi to help me with my documentation, and Mike and Jim continued to work on the transaction while I was in India. But best of all? Mike and his team obtained more money than what I applied for, which helped me immensely.”
The loan provides for a 10-year term with a 25-year amortization schedule and is non-recourse. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to arrange additional CMBS conduit loans.