First American Realty Finances Outperforming Victoria, TX Hampton Inn
DALLAS, TX | First American Realty Associates announced that it secured conduit refinancing on the 68-room Hampton Inn located in Victoria, TX. The full leverage, fixed-rate loan carried 30-year amortization with interest-only payments for the first year. The loan additionally allowed for stepped FF&E reserves the first 3 years of the loan. The hotel has been open for only 22 months and captures 168% of Smith Travel Research RevPAR Index.
This was the 39th Hilton-branded property and 20th hotel in the state of TX financed by First American Realty. Cameron J. Larkin, SVP of Hotel Financing & Business Development, arranged the financing on behalf of Goose Development Corporation.
“As a growing company, we needed a sophisticated partner to spearhead the financing process while we focused on our core business.” said Chirag Patel, President of Goose Development Corporation. “Throughout the process, Cameron and First American Realty provided detailed insights while also driving for the proper deal structure – ultimately allowing our company to capture full value.”
The Victoria Hampton Inn is located in the heart of the city’s commercial district and achieved market-leading occupancy over the past 12 months. The owners manage the property and are actively developing their hotel portfolio. They opened doors on a newly developed Hampton Inn & Suites in Port Arthur, TX earlier this month, and they’re currently developing a Staybridge Suites outside Houston, schedule to open mid 2008.