ValueXpress arranged a $4.3-million CMBS conduit loan for the refinance of a Comfort Suites constructed in 2005 in Panama City Beach, FL. The property is a 3-story, 74-room interior-corridor hotel constructed by the sponsors to Comfort Suites brand standards. The hotel is located just ¼ mile from the white sandy beaches of Panama City. The hotel is strategically situated to capture corporate and tourist clients. Within a 5-mile radius guests have access to shopping, dining, entertainment, golf, medical facilities and the world-famous beach. In 2011 the hotel upgraded with new paint in all guest rooms and common areas, new bedding in all guest rooms and flat-panel televisions.
“The transaction was important to the client as the existing lender wanted to exit the loan, and the borrower wanted to separate a valuable piece of adjacent land from the collateral, allowing for future development,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “Both of these objectives were accomplished with this CMBS loan, and the client was very satisfied with the execution by ValueXpress and the CMBS lender.”