ValueXpress arranged a $10-million CMBS conduit first-mortgage loan utilized to refinance a 237-room Holiday Inn Hotel serving Corpus Christi Airport in Corpus Christi, Texas. The property was constructed in 1982 and renovated in 2014-2015. The loan returned cash equity to the sponsor that was used to complete a substantial Property Improvement Plan (PIP) that was just completed in September 2015.
With its close proximity to Corpus Christi International Airport, the hotel is dedicated to serving the needs of business and leisure travelers. The hotel provides an ideal location for leisure travelers as it is near many attractions, including Corpus Christi beaches, American Bank Center, Harbor Playhouse and USS Lexington. Other attractions close to the hotel are the Texas State Aquarium and the Museum of Science and History.
The hotel provides amenities that corporate travelers desire, including a 24-hour business center with high-speed Internet access, copying, printing and a personal computer. The versatile conference center offers a total of 11,000 square feet of space, on-site audio/visual services, superior catering and a detail-oriented staff to ensure successful events.
“This is second in a series of five transactions scheduled to close in the next few weeks. Upon successfully closing these transactions, the sponsor has another six transactions that will follow to close before year-end,” said Michael D. Sneden, Executive Vice President of ValueXpress.