Cronheim Hotel Capital secures $26.4 million for refinance and PIP of Hampton Inn & Suites

Columbus, OH Cronheim Hotel Capital (CHC) has secured $26.4 million to refinance the existing CMBS debt and capitalize an upcoming PIP on the Hampton Inn & Suites. The fixed-rate, non-recourse loan was provided by an insurance company-backed financing facility. 

The hotel is walking distance from downtown Columbus, across from the Greater Columbus Convention Center and under five minutes from Ohio State University – allowing it to pull from a variety of demand generators. The PIP will refresh all facets of the hotel, aiding in the property’s continued performance improvements.

David Turley of CHC said, “The hotel is on the up-and-up along with the city of Columbus as more demand returns to the market. With a CMBS debt maturity looming, the Sponsor hired us to canvass the capital landscape including bank, bridge, life company and CMBS options. We ultimately landed on an insurance company-backed solution that offered fixed-rate financing for a transition situation.”