Cronheim Hotel Capital secures $19.5 million for acquisition of Home2 Suites

Wayne, NJ Cronheim Hotel Capital (CHC) has secured $19.5 million for the acquisition of the Home2 Suites by Spark GHC. The five-year loan offers attractive leverage, a floating rate that will decline with any future rate cuts, open prepayment and the ability to earn out additional funds with improved performance.

The hotel was built in 2020 and is one of the top performing properties in the market with close proximity to an array of demand drivers, including Willowbrook Mall, MetLife Stadium and major corporate locations. It is also less than 20 miles to Manhattan.

“The Home2 Suites by Hilton Wayne represents exactly the kind of high-quality, strategically located asset we target,” said Amit Patel, cofounder/CEO, Spark GHC. “Its proximity to major corporate demand generators, higher learning institutions and top retail and entertainment venues positions it for strong, resilient performance. We’re pleased to have worked with CHC to secure attractive financing for this investment.”

David Turley, president of CHC, said, “Spark GHC’s growth and success has not gone unnoticed and we can see why after getting to know them better on this transaction. This is a great asset in a very strong market and the debt terms we were able to secure only serve to enhance the appeal of this acquisition for them and their investors.”