ValueXpress has arranged a $5.3-million CMBS conduit loan for the refinance of a three-story Holiday Inn Express hotel constructed to Holiday Inn Express brand standards in 2007. The hotel is located in Tucumcari, New Mexico. Tucumcari is located on I-40 (historic Route 66), midway between Amarillo, Texas and Albuquerque, New Mexico.
The property features a host of complimentary amenities, such as guest laundry services, a fitness center with TV and high-speed wireless Internet access. For active guests, the property features an indoor pool and a game room, with basketball and a pool table.
The property is in close proximity to Mesalands Community College and the New Mexico State University Agricultural-Science Center. Local attractions surrounding the hotel include the Mesalands Dinosaur Museum, the Tucumcari Historical Museum and Ute Lake State Park. The hotel is also minutes from the historic downtown area, convenient to the Tucumcari Convention Center and the Tucumcari Municipal Airport.
The loan provides for a 10-year term with a 25-year amortization schedule and is non-recourse. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to arrange additional CMBS conduit loans. The loan provided cash equity proceeds to the sponsor after payoff of the prior loan that is expected to be reinvested in another hospitality project.