Cronheim Hotel Capital secures $6.5 million for Country Inn & Suites Charlotte University Place

Charlotte, NC Cronheim Hotel Capital (CHC) has secured a $6.5 million CMBS loan for the refinance of the Country Inn & Suites Charlotte University Place. The five-year fixed-rate loan provided the sponsor with meaningful cash out proceeds along with five years of interest only.

The hotel is located near numerous corporate demand drivers and retail amenities with convenient access to Charlotte Douglas International Airport, downtown Charlotte and throughout the region. In addition, it is just minutes from the UNC Charlotte campus with more than 31,000 students.

David Turley, president of CHC, said, “CMBS markets remain an attractive source of capital for many hotel owners. However, not all platforms are the same and considering who can offer the best execution based on the specifics of the deal is an important part of our process. We work with many groups to ensure both the best terms and the best execution.”