ValueXpress obtained an $8-million first-mortgage loan that was utilized to refinance existing debt secured by a 175-room Best Western Plus hotel and convention center located in Baltimore, MD. The 3 Diamond AAA hotel is a 12-story, interior corridor hotel that was constructed in 1987; it contains approximately 38,000 square feet of meeting, event and banquet facilities. The property is conveniently located adjacent to I-95, providing easy access to Baltimore’s Inner Harbor, the Baltimore National Aquarium, Oriole Park at Camden Yards, M&T Ravens Stadium and the Maryland Science Center.
The property provides a complimentary hot buffet breakfast, shuttle service, free Wi-Fi and business center, and an indoor pool and fitness center. The property provides two ballrooms with a capacity of up to 400 guests. Dining options include Tradewinds Restaurant located adjacent to the lobby or Toby’s Dinner Theatre located on the mezzanine level of the hotel.
“The transaction was completed efficiently,” commented Gary Unkel, the deal manager on the transaction. “The borrower was well organized and responsive, allowing the transaction to proceed smoothly with the guidance of ValueXpress underwriting staff in the time frame that was required. The result was another very satisfied CMBS conduit borrower.”