ValueXpress Obtains a $7,970,000 CMBS Conduit Loan for the Refinance of the Country Inn & Suites and Econolodge in Ithaca, N.Y.

ValueXpress has arranged a CMBS conduit loan secured by a portfolio of two hotels, the Econolodge – Ithaca and the Country Inn & Suites – Ithaca, both located in Ithaca, New York. The properties are owned by Jay Bramhandkar.

The Country Inn & Suites is a two-story, interior-corridor, 58-room (53 suites and 5 rooms) limited-service hotel (plus one apartment) completed in 2008. The property is located on Danby Road, less than ¼ mile from Ithaca College, which has more than 6,000 students. As such, the property generates significant room demand from the college and is typically sold out every weekend during the school year, commanding room rates is excess of $300 per night during graduation periods. The property is one of the highest performing Country Inn & Suites in the Northeast.

The Econolodge is a 72-room, interior corridor limited-service hotel built in 1988. The property is located north of downtown Ithaca, off the northeast corner of North Triphammer Road and Route 13. The property is in proximity to local shopping and restaurants and is located one mile from Cornell University.

The Ithaca hotel market is dominated by Cornell University and Ithaca College. Cornell University is one of the nation’s four supercomputing centers, one of the top research universities in the world, and home to New York State’s Center for Advanced Technology in Biotechnology. Enrollment at Cornell University amounts to approximately 12,500 graduate and undergraduate students.

 

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This entry was posted in CMBS, CMBS Conduit Loans, Commercial Real Estate Loans, Michael D. Sneden, News & Recent Closings, The Banker's Mortgage Conduit, Valuexpress and tagged , , , , , , , . Bookmark the permalink.

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