ValueXpress has arranged a $6.6-million CMBS conduit loan for the refinance of a 3-story Holiday Inn Express hotel constructed in 2000 and renovated in 2011. The hotel is located in the Port Clinton-Catawba Island area on the southern shore of Lake Erie.
Constructed by the sponsors to Holiday Inn Express brand standards, the property features 21 king and 81 double-queen rooms. Each room features free high-speed Internet access, a large flat-screen TV with premium cable and HBO, a microwave and a refrigerator. The property has an indoor pool and business center, and it offers a free continental breakfast.
The hotel is located close to Catawba Island, Marblehead and Sandusky, OH. Leisure attractions include Island Adventures Family Fun Center, Kelly’s Island and Adventure Bay. The hotel is the preferred location for the Davis-Besse Nuclear Power facility, Fenner Dunlop and Lafarge. The hotel also caters to the Army National Guard, U.S. Coast Guard and members of the Civilian Marksmanship Program as the property is ten minutes from Camp Perry.
“I was particularly impressed with the dedication ValueXpress gave to my transaction,” commented George Ruta, owner of the hotel. “I did not know my loan rep, Kevin Monahan, from a hole in the wall; yet he spent the night on a train to meet with me at 6:00 a.m. to see if he could help me improve the structure of my debt on this and other assets; and his trip north was in the brutal cold of December, when no one really wants to come to Port Clinton.”
“It’s true,” said Kevin Monahan, a Senior Loan Originator from ValueXpress who orchestrated the transaction with Senior Underwriter Jim Brett. “I was in Baltimore, MD on another transaction and hopped an overnight train to Sandusky, OH. I am a believer in face-to-face meetings with clients, and this one was no exception.”
With this loan finished, ValueXpress is now working on a follow-on transaction for George; that Best Western Plus property transaction should close in May.