ValueXpress has arranged a $6,500,000 CMBS conduit loan for the refinance of a Comfort Suites located in Tempe, Arizona. The Comfort Suites – Phoenix Airport is a 3-story, 92-room interior-corridor hotel constructed in 1999. The hotel is located 5 minutes from Phoenix Sky Harbor International Airport
Primary guest demand arises from the airport. The airport serves over 40 million passengers annually and is a hub for two airlines — American and Southwest. The hotel provides free shuttle service to the airport. Other amenities include a complimentary hot breakfast, free Wi-Fi and a heated outdoor pool. Leisure activities in the area include Talking Stick Resort Arena, the Phoenix Zoo, Papago Park, Tempe Town Lake and Arizona State University
“The CMBS loan provided significant cash-out equity proceeds to the sponsor. Part of the cash-out proceeds will fund a Property Improvement Plan (PIP) in conjunction with a long-term franchise renewal with Choice Hotels,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “In addition, the new loan features a 10-year, fixed-rate term with an interest rate in the mid-4% area, which was lower than the existing loan rate, providing significant interest savings to the sponsor.”
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