ValueXpress arranged financing for three limited- and select-service interior corridor hotels constructed in 2008 and 2009 and located in West Virginia. The transaction was structured with a 10-year, fixed-rate term based on a 25-year amortization schedule. The properties, owned by Mountain West Hospitality LLC, are located in the cities of Clarksburg, Morgantown and Elkins. Clarksburg is located on I-79 at the intersection of US Highway 50 in northern West Virginia. Pittsburgh, PA is 60 miles north of Clarksburg via I-79. The Hilton Garden – Clarksburg property is located at exit 117 on I-79 and has excellent visibility from the interstate. The property, adjacent to a Wal-Mart Superstore shopping center, has exceeded 80% occupancy annually since opening. The Hilton Garden – Morgantown is located two miles from I-79 and I-68, five miles south of the Pennsylvania border. The property, part of the Suncrest Towne Center retail center, is located at the intersection of State Route 705 and Stewartstown Road in close proximity to West Virginia University’s main campus and centrally located within the market. The Hampton Inn – Elkins is located approximately 25 miles east of I-79 along US 219/250. The local neighborhood consists primarily of retail centers, including a Super Wal-Mart, Food Lion and other big box retailers. The area is popular for tourism with four thriving ski resorts and outdoor recreation provided by the adjacent Monongahela National Forest.
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