ValueXpress has arranged a $5,500,000 CMBS conduit loan for the refinance of a Hampton Inn limited service hotel located in Alamogordo, New Mexico. The Hampton Inn is a 3-story, 70-room interior corridor property constructed in 1999.
The property completed a major Property Improvement Plan (PIP) in 2017 in conjunction with a new 15-year franchise license. The PIP included the most recent brand standard “Forever Young Initiative” (FYI) at a cost of over $2 million.
The property in Alamogordo is on the western edge of Lincoln National Forest and is roughly 65 miles northeast of Las Cruces and 120 miles southwest of Roswell. The property is 90 miles north of El Paso, Texas. Alamogordo is primarily accessed via SR 54 from the south from El Paso. Alamogordo is the seat of Otero County, New Mexico. Alamogordo is a city in the Tularosa Basin of the Chihuahuan Desert. It is bordered on the East by the Sacramento Mountains and the West by Holloman Air Force Base. Alamogordo is known for its connection with the Trinity test, the first explosion of an atomic bomb.
The hotel has significant military demand arising primarily from Holloman Air Force Base and the White Sands Missile Range. Holloman Air Force Base is located 10 miles Southwest of the Alamogordo CBD and 9 miles from the Holiday Inn Express.
“The transaction was challenging because the property is in a very small market with military demand concentration,” said Michael Sneden, Executive Vice President at ValueXpress. “We presented extensive demand history for over 10 years, evidence that Holloman Air Force Base was never on any base closure list and statistics showing the base provides the clearest airspace in the region to get the loan approved.”
To get a free, no-obligation quote for your hotel CMBS conduit loan, contact a member of the ValueXpress team: Mike Sneden (firstname.lastname@example.org), Dennis Suh (email@example.com) or Gary Unkel (firstname.lastname@example.org).