ValueXpress has arranged a $5,500,000 CMBS conduit loan for the refinance of a Holiday Inn Express limited-service hotel located in Alamogordo, New Mexico. The Holiday Inn Express is a 3-story, 80-room interior corridor property constructed in 2006.
The property completed a major Property Improvement Plan (PIP) in 2016 in conjunction with a new 10-year franchise license. The next PIP will be required in 2026. The transaction was structured to collect enough funds over the next six years to pay for the estimated costs of the 2026 PIP.
The property, in Alamogordo, New Mexico, is on the western edge of Lincoln National Forest and roughly 65 miles northeast of Las Cruces and 120 miles southwest of Roswell. The property, 90 miles north of El Paso, Texas, 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 on 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 Central Business District 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 ten 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 Mike Sneden (email@example.com) or Gary Unkel (firstname.lastname@example.org).