LTD Hospitality Group gets $30 million in financing for hotel portfolio in Hampton Roads
- January 10, 2012
LTD Hospitality Group in Chesapeake has secured $30 million in financing for a portfolio of hotels throughout the greater Hampton Roads area. According to Citybizlist in Washington, D.C., the 510-room portfolio included the Aloft Chesapeake, the Hilton Garden Inn Hampton Coliseum Central, the SpringHill Suites Chesapeake Greenbrier and the Holiday Inn Express Williamsburg.
CBRE Hotels|Finance, a business unit of CBRE (formerly CB Richard Ellis) arranged the $30 million, five-year deal through a debt fund. It reportedly carries an interest rate spread of 525 basis points and is open for prepayment after three years without penalty.LTD Hospitality Group, a hotel development, management, and hospitality advisory company currently owns and operates more than 3,500 rooms in the mid-Atlantic, Southeast, and Midwest.