Cronheim Hotel Capital secures $11 million to refinance Hampton Inn

Danville, VA Cronheim Hotel Capital (CHC) has secured $11 million to refinance the Hampton Inn. The financing provided the Sponsor with more than $3 million of cash out proceeds and a fixed rate below 6.0%. 

The hotel was built in 2021 and has delivered strong performance as the leading hotel in the market. Danville is located approximately 45 minutes north of Raleigh and serves as a regional economic hub with numerous medical and corporate demand drivers as well as the newly opened 587,000 s/f Ceasars Casino and Resort.

David Turley, president of CHC, said, “The strong performance of the property allowed us to consider many sources and structures for this financing. After understanding the Sponsor’s key issues, we then created a competitive process to ensure the best terms available in the market. We’re thrilled to have closed a sub-6% 10yr fixed-rate loan for the sponsor, a repeat client.”