ValueXpress has arranged an $11-million CMBS conduit loan for the refinance of a Staybridge Suites constructed in 2009 located near the Austin Bergstrom International Airport in Austin, Texas. The property, a 4-story, 161-room interior-corridor hotel, was constructed by the sponsors to Staybridge Suites brand standards.
The Staybridge Suites – Austin Airport is located three miles from Austin Bergstrom International Airport and easy access to Circuit of the Americas and Downtown Austin, where guests can discover the Live Music Capital of the World, including 6th Street; Austin’s Entertainment District; the University of Texas at Austin and State of Texas Capital. Additional attractions include McKinney Falls State Park, Darrell K Royal-Texas Memorial Stadium and any of the many museums in Central Texas, including the Bob Bullock Texas State History Museum.
Amenities include an outdoor pool and fitness center, social receptions with a free beverage and a light meal, and a pantry for snacks and sundries.
“This transaction was uniquely challenging in that the sponsor is a Mexican citizen who does not speak English,” commented Michael Sneden, Executive Vice President at ValueXpress. “Therefore, we arranged for an interpreter to participate in our weekly conference calls.”