ValueXpress arranged a $7.34-million CMBS conduit first-mortgage loan utilized to refinance a 69-room Holiday Inn Express hotel located in Rockport, Texas. The property was constructed in 2010. The loan returned cash equity to the sponsor and will provide funds to complete a substantial Property Improvement Plan (PIP) that will be completed in conjunction with a new 15-year license extension obtained by the sponsor.
The property, located in the Corpus Christi metropolitan area, provides impressive views of Aransas Bay and the Gulf of Mexico. Local businesses include Pro Build, Kiewit, HEB and Air Logistics, as well as the Paws and Taws Convention Center in Fulton. Recreational activities include Rockport Beach Park’s Blue Wave Beach and hiking, biking, picnicking in Goose Island State Park.
Amenities at the hotel include free high-speed wired and wireless internet, complimentary breakfast and a fitness center.
“This is the fourth 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 yearend,” said Michael D. Sneden, Executive Vice President of ValueXpress.